On Thursday, Cash for Clunkers legislation cleared a huge hurdle as it was attached to the back of a “must sign” Iraq and Afghanistan funding bill. While some still feel that the bill does not go far enough with requirements for higher fuel efficiency, it now appears that the bill is headed to the next step, approval by both chambers of Congress.
The bill as passed would require trade-ins to be manufactured after 1984 and have MPG of 18 or less, owned for at least 1 year and be in driveable condition. Vouchers up to $4,500 would be available to purchase vehicles under $45,000 if they provide a 10 MPG improvement on the trade-in.
Stay tuned as we continue to monitor the Cash for Clunkers bill.