Get $4,500 to Trade in Your Guzzler

If you were desperate to get rid of your gas guzzler when gas prices spiked last year, but you couldn’t get the price you wanted, your opportunity is here.

Congress included a “Cash for Clunkers” provision in the $106 billion wartime spending bill. The provision sets aside funds for consumers looking to dump old, inefficient cars in exchange for newer, greener ones.

If your guzzler was purchased after 1984, gets 18 miles/gallon or less, you could qualify for a big government incentive to trade it in.

Here are the full requirements:

• The car must be less than 25 years old on the trade-in date
• You must purchase or lease a new vehicle
• Most trade-in vehicles must get 18 MPG or less (trucks & vans have slightly different requirements)
• The trade-in vehicle must be registered and insured for a full year prior to the trade-in.
• The bluebook value of the car must be less than $4,500
• The new car can’t cost more than $45,000

If the new car you purchase or lease gets 22 MPG, you get a $3,500 credit at the time of your trade. An even more fuel efficient car will get you a $4,500 credit.

You can read all about the new program on the federal governments Cars.gov website.

Photo Credit: Flickr CC User brownpau