Ok…my wife’s got a 1992 BMW 525 Touring (fancy for station wagon). If you look at the Gov EPA standards they do not have a 92 in a 525 rating. Furthermore the 91 meets the 18 mpg requirement and the 93 does not at 19 mpg. We want to use the CFC Windfall since her car is worth only $1500 as a trade in. If we can’t get the cash for clunker deal we will take advantage of the no tax deal right now for the new Prius. Do you know if we will get the voucher? Any ideas??? We have to put the order in for the 2010 to make sure we meet the end of July delivery date to meet the tax incentive so time is important. Yelp!!!
Why Not Get The Purchase Deal Worked Out And Get A Final Price.
Then tell your salesperson that you have decided to take advantage of Cash For Clunkers with your old BMW. Give then the particulars. Tell them to call you right away when they’ve got the details worked out.
The voucher is for purchasing from auto sales people and they are the auto seller professionals. A good salesperson will make it happen. I don’t have to tell you not to just take their word for it. Get it in writing. See the documentation before the purchase.
CSA
It sounds to me like the bill isn’t quite a done deal yet, or at least all the details haven’t been quite hammered out. If you have to put cash down on the Prius now and are only trading because of the subsidy, I’d probably hold off.
Cars purchased before July 1 don’t qualify.
I saw this and thought some of you might get a kick out of it.
I found some more info on this program:
Jun 23, 2009 – Cash for clunkers program gets the green light
The “cash for clunkers” program is taking form and promises rebates of $3,500 or $4,500 for trade-ins when you purchase a newer fuel-efficient vehicle.
The effective date for the program – officially known as the Car Allowance Rebate System (CARS) – has not yet been set. But Clark expects it to be sometime toward the end of July or the beginning of August. There should be a 2-month buying opportunity through October.
Let’s say you start from a baseline of 18 mpg on your current vehicle. If the new car you intend to buy gets 22 mpg or more, then you’d get the $3,500 voucher toward the purchase.
Please note that participating dealers will apply this taxpayer-subsidized credit directly to your purchase.
You’re only eligible for the full $4,500 voucher if your next purchase gives you at least 10 mpg more than your old vehicle.
Meanwhile, there’s a lower threshold for SUVs and trucks. You’ll get the $3,500 voucher if your new vehicle get 2 mpg or higher. If it gets 5 mpg or more, you then get the $4,500 voucher.
The vehicle you’re trading in has to be drivable and the dealer has to agree to crush it. There are also several rules to prevent abuse of the program. For example, the car you’re dumping has to have been registered and insured continuously for at least 12 months prior.
Other countries that have experience with similar programs saw an immediate big increase in sales as a direct result of the program. That’s the hope for the American auto market too.
Remember, of course, that there are still some great deals on vehicles available regardless of the “cash for clunkers” program. The more shopping you do, the better the price you will get.
Source: Clark.com - Advice You Can Trust From Clark Howard and Team Clark
Other countries that have experience with similar programs saw an immediate big increase in sales as a direct result of the program. That’s the hope for the American auto market too.
If this would have been introduced 3~5 years ago, it might have worked, but the way the economy is, they’d be lucky to see a 10% increase right now.