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President Barack Obama’s signing of the Car Allowance Rebate System helps you purchase a new, fuel-efficient automobile after you trade in a less fuel-efficient car. The CARS Act makes any auto transactions made after July 1, 2009, possibly eligible for CARS program credits.
Pros:
1. The CARS program offers a chance to get rid of that hooptie that smokes and sputters, while conserving gas and making things a little better for Mama Earth.
2. If you’re looking to purchase a vehicle, CARS helps you towards that end, plus it helps you find something that has better fuel mileage. The money goes directly to the dealer, which cuts down on abuse of the system.
3. For truck drivers, trading in an 8,500–10,000-pound, pre-2002 truck can you get a voucher for a new truck in the same weight class or smaller.
Cons:
1. You will only get $3,500 or $4,500 for the trade-in, regardless of its previous trade-in value. If you have a vehicle that is worth more than that — the program may not really benefit you.
2. You have to know the specifics. Your car has to get poor fuel mileage — and it has to be old, but not more than 25 years old. So you’re still stuck with that ‘73 Dodge Dart.
3. It has to have poor fuel economy, and be unlikely to sell in a conventional manner. So if you’re car is old, but gets great gas mileage; this may not be the best fit for you.
An important side note: your car is only eligible if it’s been insured over the past year. If you were thinking of making a trip to your local dealer, these are all factors to consider. Once you’ve weighed your options, you may be able to improve your vehicular situation, and do the environment a favor, too. –todd williams
