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By Cody Wetmore on June 24th, 2009 • Auto, Loans, Life

If your old beater has seen better days, a government program might be able to help you get something new.

The Car Allowance Rebate System (CARS) allows people to trade in their old cars to help the environment and the auto industry. If you qualify, you could receive $3,500-$4,500 to offset the cost of a newer, more fuel efficient vehicle. But it comes with a few restrictions:

• The vehicles must be in drivable condition, and have been registered and insured for the past year.
• For the most part, only vehicles that get 18 MPG or less qualify.
• The vehicle must be less than 25 years old.
• The money can only go toward the purchase or lease of a new vehicle.

For all the terms and conditions, go to cars.gov’s faq page.

Be aware that scammers are trying to take advantage of public interest in this program. Be wary of any emails or websites that want you to pre-register or give personal information to qualify for this program. This is available as a credit that new car dealers will apply to your purchase.

So, if you have an older car and have been thinking of upgrading, consider taking advantage of this program.

--Cody

 Photo taken from this photostream and used with permission of a Creative Commons license.
 

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Jessica

Hey Cody,
What a convenient acronym for this program! I’ve never had that kind of luck with acronyms. It’s too bad that this program isn’t available in Canada (where I live), but some provinces up here offer a rebate for people who by hybrid vehicles. It’d be neat if the USA gave an even larger amount towards the purchase of hybrid or low emissions vehicles.

by Jessica on June 25, 2009
codywetmore

True, but every bit helps. If only the government would give me $3,500 for buying my commuter bike...

by codywetmore on June 25, 2009

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