Under one of the new government ?stimulus? programs, new car buyers get a big discount, courtesy of federal taxpayers. A $3,500 – $4,500 credit from the Car Allowance Rebate System (CARS ? don?t you love gov?t acronyms?) is available to purchase a new car getting 18 mpg or less.
The CAR Allowance Rebate System (CARS) is a $1 billion government program that helps consumers buy or lease a more environmentally friendly vehicle from a participating dealer when they trade in a less fuel-efficient car or truck. The program is designed to energize the economy; boost auto sales and put safer, cleaner and more fuel-efficient vehicles on the nation’s roadways.
Consumers will be able to take advantage of this program and receive a $3,500 or $4,500 discount from the car dealer when they trade in their old vehicle and purchase or lease a new one. Consumers you do not need to register anywhere or at anytime for this program.
However, IF you already drive a fuel-efficient car, you don?t qualify. IF you?d rather buy a used car, you don?t qualify. IF you think you can spend your money better than the government, you?re out of luck. IF you?d rather not go into debt to further subsidize the automobile industry, too bad. Welcome to a stimulated economy.
UPDATE (2:15pm, JULY 31): The N&O reports that the House has approved $2B more for “cash for clunkers”, voting to rush an additional $2 billion into the popular, but financially strapped, car purchase program. Read the full story here.
