C.A.R.S. Gives you $4,500 for Your Old Car

UPDATE: The wildly popular programed exhausted the $1 Billion in 6 days.

Have you heard of the new federal program C.A.R.S. (Consumer Allowance Rebate System)

Formerly called ‘Cash for Clunkers’,federal legislation will pay consumers up to $4,500 to trade in their current vehicle for a newer, more fuel efficient vehicle. No voucher is required as it’s all done at the car dealership.

Go here to see if your car qualifies, and go here to find a dealer near you. Time is limited…November 1st or whenever allocated funds run out.

Important things to know:

• Your vehicle must be less than 25 years old on the trade-in date
• Only purchase or lease of new vehicles qualify
• Generally, trade-in vehicles must get 18 or less MPG (some very large pick-up trucks and cargo vans have different requirements)
• Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in
• You don’t need a voucher, dealers will apply a credit at purchase
• Program runs through Nov 1, 2009 or when the funds are exhausted, whichever comes first.
• The program requires the scrapping of your eligible trade-in vehicle, and that the dealer disclose to you an estimate of the scrap value of your trade-in. The scrap value, however minimal, will be in addition to the rebate, and not in place of the rebate.