Congress to Vote on Cash for Clunkers Program

For those of you driving clunkers, you may soon be able to turn that eyesore into cash. The House and Senate have agreed to designate $1 billion for the Cash for Clunkers program to be funded out of the significantly larger $106 billion wartime spending bill. Not yet law (Congress is expected to pass this bill this week) the bill will pay people for their “clunkers”. The goal is twofold: to get fuel inefficient cars off the road and to encourage consumers to buy new, fuel efficient vehicles.

A consumer who has a qualifying car will receive either a $3,500 dollar voucher or a $4,500 voucher. Your voucher credit depends on the improved gas mileage as compared to your current car.

Read more of this story »