The Senate passed the Cash for Clunkers bill today and President Obama plans to sign the bill quickly. So if you were planning on buying a new car anytime soon, WAIT! Depending on how the Congress rates the gas mileage of your current car and the gas mileage of that car your thinking of, you may be entitled to a $3,500 or $4,500 government voucher for that purchase.
That is, assuming you increase your gas mileage by 4 miles per gallon or more, according to how the government rates your old car and your intended purchase.
And, it is assuming your new car is, well, new. Sorry to those of you making your living in the used car industry. You’re stuck. But thanks for paying your taxes so that Congress can use your money to fund your competitors.
According to Reuters, the Cash for Clunkers program will be implemented by the Transportation Department. It is expected to begin in August. There will be a website with more information and the Department will certify Cash for Clunkers dealers.
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