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What about the "Cash for Clunkers" program? | PowerOptions Web Log
President Obama has introduced “Cash for Clunkers,” a subsidy program designed to help the automotive industry, the environment, and drivers with older, less fuel-efficient cars. Formally named the Customer Assistance to Recycle and Save (CARS) program, “Cash for Clunkers” is designed to stimulate the purchase or lease of brand new cars. How it works Turn in your gas-guzzler, a car or truck from 1984 or newer that gets less than 18 miles to the gallon, to a participating car dealer. The dealer credits you with a down payment of $3,500 on a car with gas mileage 4 mpg better than your old car, or $4,500 for a car that gets 10 mpg more. The money is not taxed as income. In the case of trucks, drivers need only trade up for a new vehicle that gets at least 18 mpg, with a 2 mpg improvement, to receive $3,500. Drivers receive...