Whether you drive an old SUV, truck, wagon or sedan, you may be able to trade it in for a $4,500 government voucher toward the purchase of a new car.
The federal governments Cash for Clunkers program, now known as the Car Allowance Rebate System, pays drivers of gas guzzlers to upgrade to a more fuel-efficient vehicle.
What cars qualify? Here’s what you need to know.
Regardless of whether you have an SUV, truck, wagon or sedan, your old vehicle has to have a fuel economy rating of 18 miles per gallon or less to get a credit toward the purchase or lease of a new car. This would most likely affect drivers with older, larger vehicles.
What’s more, for the deal to even pay off, your trade-in should be worth less than the credit you can get, otherwise you might as well just sell it if you can get more than you would if you traded it in under the program.
Most Likely Trade-Ins
SUVs have dominated roads across America since the early 1990s, so chances are, they’ll make up a large number of the cars traded in under the Cash for Clunkers program.
The top selling vehicles eight years ago were the Ford F-150 and the Chevy Silverado, which will likely be the most commonly traded in, according to veteran auto analyst John Wolkonowicz at IHS Global Insight (Stock Quote: F).
In 2001, 911,597 Ford F-Series vehicles were sold, and that same year, GM sold 716,051 Chevy Silverados, according to the companies.
The popular Dodge Ram and GMC Sierra will also be popular trade in “clunkers,” Wolkonowicz says.