After a brief suspension, due to concerns that the Cash for Clunkers program had depleted the $1billion limit in just a few days, the program is up and running again. Congress has inflated the bill by $2 billion and is maintaining the original deadline of November 1, 2009 or until funds are exhausted, whichever comes first. There are varied reports on how many vehicles have actually been sold as a result of the program. Some estimate that 40,000 vehicles have been sold nationwide and others estimate that number to be as high as 200,000. One thing is clear – the dealers have been selling a multitude of new, fuel efficient vehicles. So much so that many dealers are temporarily out of stock.To keep the momentum going the National Highway Traffic Safety Administration (NHTSA) has issued a statement that consumers can still be eligible for the program and purchase new vehicles even if the model they are interested in is not on the dealer lot yet. Consumers are being encouraged to move forward with their transactions, get the paperwork done and wait for delivery. Cash For Cars Sydney
As Cash for Clunkers continues to be embraced by the public, more information has been made available about the program details. There is further clarification about the amount of the credit to be issued for trade-in vehicles. According to the “CARS” website, the credit amount of either $3,500 or $4,500 is mostly determined by the type of vehicle purchased and the fuel economy difference between the new vehicle and the vehicle traded in. If the fuel economy difference is between 4 and 10 miles per gallon then a credit of $3500 is issued. If the fuel economy difference is higher than 10 miles per gallon a credit of $4500 is issued. The customer could also be entitled to additional money collected for the scrap value of the trade-in vehicle. The dealership must disclose what the scrap value will be and is required to allow the customer to apply this amount (minus a $50 administration fee) to the purchase of the new vehicle.