Dealers say the new Cash for Clunkers program is working — people are flocking to car dealerships and jumpstarting a stalled business. In less than a week, 8,000 clunkers have been traded for new cars across the country. But how do you know if your car will qualify?
For starters, the list of vehicles that are eligible can be found at FuelEconomy.gov. That website lists every model of car that qualifies since the summer of 1984, as well as the MPG for gas mileage. Specifically, your car must get a combined MPG of 18 or less.
Your clunker must have been insured and registered to you for the past year. It also has to work — meaning it must actually drive.
The program is set to run until November 1, 2009, or until authorized funds run out. Sharyn Alfonsi reports on tonight's World News that more than 10% of the money the government set aside was used in just 3 days. That means, if things keep going at the same pace, the government funds will run out much sooner than November.
For more information on the Cash for Clunkers program, visit the official website CARS.gov.