A Look at the Cash for Clunkers Car List

The federal government is still giving a credit of up to $4,500 for that old clunker car that you trade in towards a new (and eligible) vehicle but is your clunker eligible to trade in for the program? But how do you know if your vehicle is on the Cash for Clunkers car list? The Cash for Clunkers program is not for any old car and you can't buy any new car, there are specific requirements regarding the type of car that you can trade in and the type of vehicle that you can get a credit toward the purchase of. These vehicles must be listed on the Cash for Clunkers car list in order to qualify. Here is a guide to determining if your car is eligible for the Cash for Clunkers program--this could be a matter of whether or not you will be purchasing a new vehicle this week!

Well, if you checked the Cash for Clunkers car list just last week and your car wasn't on there you should check again because chances are it could be on there by now. That's because the Cash for Clunkers car list of eligible cars for the program is updated and changing daily. The basic eligibility requirements state that the trade in value of the car must be less than the credit value of $4,500 and the car must get less than 18 mile per gallon. There are many additional requirements for the Cash for Clunkers trade in program that are all based on the C.A.R.S. provision.

So, is your car on the Cash for Clunkers car list of eligible vehicles? Well, if you can drive the vehicle to the dealership, it is less than 25 years old, and meets the above stated requirements then you are a few steps closer to getting a new car at a great price! The additional requirement states that your clunker must have been insured and registered to you on a continuous basis for at least the preceding year prior to the day you intend to turn it in for the Cash for Clunkers program. Other than that, it's a pretty straight forward program in which you take your old clunker to the dealership and drive away with a new "qualifying" car today!

To determine if your new vehicle of choice is on the list of qualifying purchases you will have to abide by some additional rules. There are very limited rules when it comes to purchasing a new vehicle. Mainly, fuel economy limits must be met. For instance, to purchase a new SUV you must purchase one with a 22 mpg fuel economy to get the full $4,500 but to get a smaller credit of $3,500 you can scrap basically any old vehicle and as long as your new purchase gets at least 2 more mpg then you get the smaller of the credits! I wasn't thinking about trading my Suburban in until I read this little rule...now I am thinking a newer Suburban might be nice with a hefty $3,500 credit placed back into my pocket!

So, the moral of the story is to check often as the Cash for Clunkers car list is an ever changing scenario. You might be surprised at the amount of money you can get back towards your vehicle purchase--even if it isn't the full $4,500!