Cash For Clunkers Program Begins; Getting the Most Dollar for Your Car

Get thousands for your old clunker car even if it is only worht a couple of hundred dollars.

By: | News Channel 7
Published: July 24, 2009

Larry Thompson is ready to trade in his '89 Caprice for a new car. He says, "It is dying and it is dying quickly. Its just worn out." He is trading his old clunker in for a new Toyota Tacoma in the Cash for Clunkers Program. Thompson says the money he got is more than the car is worth. "$3,500 for this car you can't beat it." At Dave Edwards Toyota, they've seen a surge in people coming in to take advantage of the deals. Finance manager Andy Brand says, "Most people that we are seeing do qualify. There are specific requirements that they have to meet as far as the vehicle they are looking to purchase and the vehicle they are trading in." For instance, the car has to get 18 miles to the gallon or less. You have to have a one year insurance history on the clunker and the car is less than 25 years old. You also have to purchase a new car or if you lease it has to be a 5 year deal. So, this deal is not for everyone. Brand says, "It is not going to affect a vehicle that is worth more than 45-hundred dollars. Certainly then you should trade the vehicle in as you would normally do." One thing that could be an issue if you are trying to trade your old clunker in for a new car is that you still have to get financing which can be hard in these tough economic times."
However, Brand says that's getting better and if you do qualify you can get quite a deal. "On a vehicle like a Corolla, which is the best selling car in the whole world, you can probably get a Corolla for under $10,000 with the Cash for Clunker Programs." Thompson says his wasn't worth that much. "it is worth about 300 dollars scrap value is basically all its worth."
He says the Cash for Clunkers is a deal he couldn't let pass him by. The government is providing one billion dollars for the program, but once the money runs out that will be the end of the deal so if you think you might be interested now is the time to look into it. According to Consumer Reports, some of the best qualifying cars are the Ford Aerostar, Isuzu Rodeo, Lincoln LS and Cadillac Deville. If you want to know if your car qualifies click here. If you would like to know whether you should turn your car in for Cash for Clunkers or if you would get more money for a trade in, find out your car's worth by clicking here.