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Cash for Clunkers

By Steven S. Brooks Published: July 24, 2009

OK, it's official, the controversial "cash for clunkers" program has been passed and implemented. It didn't take long for the auto manufacturers, both foreign and domestic, to inundate us with commercials and roll out special promotions around this.

 Effectively, the government will pay you $4,500 in trade towards the purchase of a new car that fits their definition of a "clunker". The catch is that it can't be anything that you can "push, pull or drag" into the dealership. It has to be a currently registered vehicle manufactured after a certain date and it has to get a certain percentage worse gas mileage than the new vehicle you are purchasing.

This has been done in other countries for many years, primarily to reduce emissions from older vehicles. The major purpose of the program just introduced in our country is to spur car sales and help stimulate the economy. My question to you is, will this law stimulate you to buy a new car?



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