Easy Money: Cash For Clunker's Program

Mark Schienberg, president of the Greater New York Automobile Dealers Association, stopped by to guide us through the Cash for Clunkers Program.

"The Cash for Clunkers Program is a tremendous incentive to encourage people to trade-in their old vehicles for newer, safer, more fuel efficient and less polluting cars and trucks, but they must act fast before the money runs out,” said Schienberg.

The program is still confusing to many and to help consumers navigate the Government’s Cash for Clunkers program, GNYADA has published a consumer guide which will be available at all area dealerships or online at www.gnyada.com/guide/cars.

GNYADA is encouraging those who are considering a new vehicle to act fast because the incentive program will end as soon as the $1 billion assigned by the Government has been used up.

Key elements of the Cash for Clunkers Program are:
• The $1 billion program is authorized from July through November
• It will provide for rebates of between $3,500 and $4,500 when consumers trade in a vehicle toward the purchase of a new qualifying model.
• There is no income limitation for the rebate but the maximum purchase price is $45,000.
• The vehicle that is traded in will have to be scrapped.

The measure is expected to help boost auto sales by creating a significant cash incentive to replace older cars and trucks with newer, higher mileage, less polluting vehicles.

For more information, visit www.gnyada.com/guide/cars.

Mark Schienberg, president of the Greater New York Automobile Dealers Association