The vehicle must have a manufacturer suggested retail price of less than $45,000 and be a model year 2004 or later.
The vehicles turned in must be drivable, registered in the United States and have a when-new fuel economy rating of less than 18 miles per gallon.
In the first year of the program, a person trading in a vehicle that is model year 2002 and later would be eligible to receive $4,500 for purchase of a new vehicle, $3,000 for purchase of a used vehicle or $3,000 for transit fare credit. For model year vehicles 1999 to 2001, drivers would get $3,000 for the purchase of a new vehicle. Those who trade in vehicles that came out in 1998 or before could get a credit of $2,000 for a new vehicle.
My car gets 17mpg city / 21 highway, which puts me over the 18mpg limit average for the trade-in. Drag. I could use a new car.[/quote]
If they water this down I think there be much less interest, 2K for the 98 or older cars will not get many people off the couch (unless they were already planning on getting a car).
Plus I think many dealers are already seeing this as a God send and are jacking up the car prices or ending previous incentives, so it’s a wash for the car buyer.
