Although the plans of reviving the Cars for Clunkers Program in 2019 are not gaining any grip, a new program that is supported by the Biden Administration can bring new hope. The Biden admin is aiming for the goal that half of all new vehicles are electric vehicles by 2030. For those who are looking for viable opportunities for a junk my car for cash plan, this will be another money-making chance to explore for your old cars.
If consumers prefer buying electric vehicles, the Cash for Clunkers program is an effective way of boosting sales of electric cars by the year 2030, giving the program a new flicker of hope and getting the old gas guzzlers off the road.
A Little History of Cash for Clunkers
Basically, the real name for the Cash for Clunkers program was originally Cash Allowance Rebate System (CARS). According to Matt DeLorenzo, the old plan was supposed to settle owners with $4,500 rebate for scrapped vehicles in order to purchase a new one. The idea was to with boost sales of cars with better fuel consumption. The main goal of the Cash for Clunker appears to remain the same and can really help those with a junk my car for cash plan.
Junk My Car for Cash Program Rules
Like any form of government program, there will be rules and policies. The following are the rules that DeLorenzo explains we all should expect on the rules encompassing the first Cash for Clunkers program back in 2019 and what will be different with the Biden administration this time around.
Rule of road #1: Remember this rule, the car that will replace your clunker must be electric by nature. The primary motivation behind the latest restatement of the Cash for Clunkers is to help reduce fossil-fueled vehicles and increase electric vehicles. Qualified EVs will include the ones that may range in excess of 200 miles. Keep this in mind – with electric vehicles – the greater the range, the greater the sticker price will be.
Rule of road #2: Should you replace your old clunker with a gas-powered vehicle, it must have better fuel economy compared to the original program. The 2009 Cash for Clunker program required car owners to purchase vehicles with an EPA combined fuel economy rate of higher than 22 mpg. Light trucks had to be more than 18 mpg and heavy-duty cars could not be more than 15 mpg. Since then, though, the car fuel economy has been raised from 22mpg to 26 mpg. Thus, you might have to look for a better car that will get over the qualified rebate.
Rule of the road #3: To take advantage of the junk my car for cash program, you should make sure that the clunker you will own will be more efficient than the ones which are qualified for the original Cash for Clunker program. Since 2009, the fuel economy has risen by 4 mpg, there could be a higher cut off on the qualified vehicles for the entire program. Taking advantage of the overall fuel economy, the rule may allow other cars and trucks to be rated as high as 22mpg or less into the Cash for Clunkers scheme.
Rule of road #4: An important rule, your car must be younger than 25 years. Since the 2009 Cash for Clunker program to be extended and will include the models from 1984, it will be interesting to know whether the latest program will be an extension of the vehicles to be included or to be limited to the 1996 or latest vehicles. If your vehicle has specific cut-off dates, make sure to check on the exact manufacturing date of your vehicle as opposed to the model year. This will definitely make a huge difference whether you will be getting a rebate or you will not have one at all.
Rule of road #5: Make sure that your car or truck is in running condition. The main idea behind the Cash for Clunkers is the removal of the operating units from the road which are not safe, clean, and fuel-efficient. A non-running car is not an issue, but the scrapping of a daily use car is the focus. If you do want to get cash for a non-running car, however, you have options with us at CashforClunkers.org. See below for more information.
Rule of road #6: You can expect a payout in excess of the value of the car or truck. The previous Cash for Clunkers program might have offered $4,500 for a clunker, but, in today’s market, there is a higher market value for used vehicles. Therefore, it is likely that the figures could keep growing, especially if the government is campaigning for switching to electric vehicles. With $7,500 of a current federal tax credit of buying an electric vehicle, the latest incentive could range from $4,500 to $7,500.
As DeLorenzo explains in his article explaining past rules and possible new rules, knowing the limits can help you to better follow through with your junk my car for cash plan.
Cash for a Car that Doesn’t Run
As mentioned above, a government program won’t give you cash for a car that doesn’t run. They are only concerned about gas-guzzling vehicles that are on the road. If you do have a car that doesn’t run and need some cash, we can help. At Cash for Clunkers, we can help you if you have been wondering, “How do I junk my car for cash?”
We provide you with a no-obligation, instant quote with the best cash deal possible. Plus, we send the tow truck to you and provide you with cash on the spot when the tow truck arrives.
Need help with the necessary paperwork? We can help with that too! No title? No worries with our national database for title recovery! Our friendly representatives are ready to help you gather everything you need to get cash in your hand within 2-3 days and, in some cases, as little as 24 hours.
Visit Cash for Clunkers today to find out how easy it is to trade in your old clunker for cash!