car tax rebate?

Is there really a rebate for turning in an old car for a new one that gets better mileage (not necessarily a new hybrid)? DH said he heard something about any old car being worth $4500 towards a new one. I can't find any such thing on the IRS website. thanks

Originally it was called cash for clunkers, but name has been changed to CARS. Rules haven't been totally finallized, but has to be by July 23. Do a search on internet. Not all old or new cars apply.

Nancy

I was looking for the same info. a few days ago and found a great summary @ www.edmunds.com. The link to the article is @ the bottom of the home page under announcements. Click on "Cash for Clunkers."

Kash For Klunkers.

Click here to see if your klunker gas guzzler hunk of junk jalopy automobile qualifies for the rebate.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

The official government website for this program is www.cars.gov

They are still fine tuning the program and the final rules are due sometime around July 24.

Thanks for the replies. The 1995 Olds Cutless Cierra is not on the list. I doubt it gets good mileage but what do I know. It's my FIL's car and he is not supposed to be driving. I thought he'd feel better about getting rid of it if someone could get $4500 out of it rather than just junking it.

I agree with what was written about the one-year ownership rule, too. Why should it matter? The economy would do better with three possible sales rather than one.

And I agree with Scoop. If we are trying to stimulate the US auto industry, this money should go only to purchases of cars made in the US.

My old clunker is rated at 19mpg... darn.

Why should taxpayers foot the bill for someone elses purchase of any car. I don't recall the gov't forcing people to buy gas guzzlers. My old "clunker" might get better gas mileage, but repair costs can eat up any savings. Maybe I should also qualify for some type of rebate.

While I'm at it I might as well complain about the mortgage relief program the the gov't is offering to people who owe more than the house is worth. If the home owner still has the ability to pay the mortgage, he/she should not get relief because the house market is down.

I guess I have to blame my parents who taught me to live within my means and not to depend on handouts.

I Paid All My Bills On Time When I Could Have Taken A Bailout. What Was I Thinking ?

gorevs9 said:

I guess I have to blame my parents who taught me to live within my means and not to depend on handouts.

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It's a whole different world nowadays, eh ?

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

gorevs9 said:

I guess I have to blame my parents who taught me to live within my means and not to depend on handouts.

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I understand what you're saying but it's not about living within (or outside) of your means. A few things are happening here:

-Yes, many people did live beyond their means. This is the easy thing to point the finger at.

-Most people did NOT live outside their means. I am an example of this. I sell mortgages. I'm making less than half of what I was making before all of this started. However, being a commission-only employee, it's difficult to figure out what my, "means," is (or are) as my income can fluctuate wildly. I need a place to live, a car to drive, etc. But when that income is pulled out from under you (even when you're not buying based on the amount you're making--but less), there's not much you can do. This is exactly what's happened to all of the people who are losing their jobs.

-If something isn't done, many people who are upside down in their homes might walk away. Whether it's right or not, it happened/is happening. This is bad for all of us as you can see by where the economy is currently. Foreclosures on homes is a big part of what's happening.

-The cash for clunkers thing was intended (originally) to get gas-guzzling/high emissions vehicles off the road. It's turned into a stimulus (of sorts) for the car manufacturers. Honestly, imo, it does neither I'll explain more when I have more time. Again, if the car manufacturers (domestic OR foreign) all go out of business, it's bad for our economy.

So, there is much more to all of this than just giving money out. Now, whether what has been done is the right thing and whether it's actually helped who it was (supposedly) intended to help, that's a totally different thread.

GadgetRick said:

-If something isn't done, many people who are upside down in their homes might walk away. Whether it's right or not, it happened/is happening. This is bad for all of us as you can see by where the economy is currently. Foreclosures on homes is a big part of what's happening.

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I can understand people might walk away if the cannot afford to pay their mortgage. However, my point is people should not walk away or get a handout simply because the value of the house has fallen. For example, in your case, if your job provides sufficient income to meet your mortgage payments, then there is no reason for you to walk away or get a gov't bailout. If you mortgage is reduced by 1% because the value of your house has fallen, when the market recovers would you be willing to have your rate increased back to the original rate? I think not.

GadgetRick said:

-The cash for clunkers thing was intended (originally) to get gas-guzzling/high emissions vehicles off the road. It's turned into a stimulus (of sorts) for the car manufacturers. Honestly, imo, it does neither I'll explain more when I have more time. Again, if the car manufacturers (domestic OR foreign) all go out of business, it's bad for our economy.

Click to expand...

If the cash for clunkers is indeed a bailout of the auto industry, then just cut everyone a $4500 check to buy a new car.

On another note, once all those gas guzzlers are off the highway, the Feds and States will cry that they are not getting enough gas tax receipts and then will raise the gas taxes. RI, already in the top 5 for gas tax, has just raised it again.

Just a quick note- it's my understanding the clunker has to have been insured continuously for the past year so don't plan on pulling the beater from the back 40 thinking you can use it as a down payment on a new car.

gore:

I agree with you totally. As I said, I don't agree with what they've done to help. It's not helping the people who need it.