June 25th, 2009
President Barack Obama has officially signed Cash for Clunkers into law as part of a larger defense spending bill today. The final version gives the Transportation Department 30 days to organize the rules and regulations for the program, and puts the burden of deciding which vehicles qualify squarely on the shoulders of dealers. Vehicles being traded in must be less than 25 years old, and their replacement must get 5 mpg better if it’s a truck, 10 mpg better if it’s a car. Again, dealers are responsible for having the older vehicles scrapped. The program should go live by the end of July. [Source: Autoblog]
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