Congress Passes Cash for Clunkers

Congress has passed the Automotive Stimulus bill "Cash for Clunkers" and is a plan aimed at stimulating car purchases in America. The program provides $4,500 in credit to owners who trade in a current car for a more fuel-efficient and environmentally vehicle.

The program will provide the $4,500 to owners whose current car gets less than 18mpg and if they buy a car with more than 10mpg improvement in mileage over their previous vehicle. If a buyer chooses a car with 4mpg more in economy than their current car, they can get $3,500 in credit.

SUV and Truck owners also qualify under different procedures. Congress hopes the programs will remove some of the most polluting vehicles from the streets and stimulate the hard hit automotive industry at the same time.

Via Cash for CLunkers

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