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Cash for Clunkers

June 10, 2009

On June 9, 2009 the House approved the Cash for Clunkers Bill with a vote of 298 to 119. The passing of this bill means that consumers may receive a voucher for up to $4,500 from the government in return for their fuel thirsty cars. The voucher will be good towards the purchase of a newer, more fuel-efficient car of the consumer’s choice. Car owners will qualify to receive a $3,500 voucher if their current vehicle gets less than 18 mpg, and they purchase a new car that gets at least 22 miles per gallon in it’s place. They could, instead, receive up to $4,500 if their newly purchased car gets at least 10 mpg more than their old vehicle.

In the Cash for Clunkers program, the government will essentially buy gas-guzzling cars and trucks from their drivers in order for them to purchase newer more fuel-efficient cars,  stimulating our struggling auto industry. It is estimated that the program could lead to 1.3 million new-vehicle purchases.

Funding for this bill will be derived from the already existing $787 billion dollar stimulus package plan. Furthermore, the effects Cash for Clunkers program is expected to be grandiose as it will create job opportunities and will also put more hybrid and eco-friendly cars on the road. Lastly, it will help in minimizing the amount of cars that contribute to global pollution in the atmosphere.

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Tags: auto industry news, fuel efficiency, fuel efficient, fuel saving, gas guzzler, hybrid cars, hybrid news, imrove mpg, mpg