This page is designed to help you with the new C.A.R.S., or "Cash for Clunkers" program that was recently put into law by President Obama.
President Obama has signed the Consumer Assistance to Recycle and Save (CARS) Act legislation, better known as "Cash for Clunkers". The CARS Act allows customers to cash in on U.S. government Vouchers of up to $4,500 towards the purchase of a new automobile.
CARS is a temporary U.S. government sponsored program to assist customers in trading-in a qualifying vehicle for a new, more fuel-efficient and less-polluting one. Customers will receive a $3,500 or $4,500 voucher from the government on top of all other incentives in exchange for their vehicle.
At Volvo, Environmental Care is a long-standing core value, evidenced by our 1976 introduction of the revolutionary LambdaSond three-way catalytic converter, which removes up to 95% of harmful hydrocarbons from a vehicle's exhaust. Since 1976, Volvo has added several other innovations to minimize environmental impact. We applaud lawmakers' efforts at encouraging consumers to upgrade to
more fuel efficient vehicles.
Here's what you need to know:
President Obama has signed the Consumer Assistance to Recycle and Save (CARS) Act legislation, better known as "Cash for Clunkers". The CARS Act allows customers to cash in on U.S. government Vouchers of up to $4,500 towards the purchase of a new automobile.
CARS is a temporary U.S. government sponsored program to assist customers in trading-in a qualifying vehicle for a new, more fuel-efficient and less-polluting one. Customers will receive a $3,500 or $4,500 voucher from the government on top of all other incentives in exchange for their vehicle.
At Volvo, Environmental Care is a long-standing core value, evidenced by our 1976 introduction of the revolutionary LambdaSond three-way catalytic converter, which removes up to 95% of harmful hydrocarbons from a vehicle's exhaust. Since 1976, Volvo has added several other innovations to minimize environmental impact. We applaud lawmakers' efforts at encouraging consumers to upgrade to
more fuel efficient vehicles.
Here's what you need to know:
- The National Highway Traffic Safety Administration (NHTSA) has 30 days from the President's signing
to put in place a plan to implement the program. Consumers will use the program to receive a
voucher at the point of sale to trade-in a qualifying older vehicle for a new, more fuel-efficient, ecofriendly
one. - The trade-in vehicle must be in drivable condition, have been continuously insured and registered to
the same owner for at least one year and be a 1984 or newer model year. Additionally, the vehicle
must have a combined EPA estimated fuel economy of 18 mpg or less. Retailers will be provided
with a list of entities (scrap businesses) that are approved to dispose of trade-ins in your area. - New vehicle passenger cars must achieve a minimum combined EPA fuel economy of 22 mpg.
They can be purchased or leased, provided the lease term is at least 5 years. A $3,500 voucher will
be given if the new vehicle being purchased achieves at least 4 mpg more than the vehicle being
traded in. A $4,500 voucher will be given if the new vehicle being purchased achieves at least 10
mpg more than the vehicle being traded in. The new vehicle MSRP cannot exceed $45,000. - New vehicle light trucks must achieve a minimum combined EPA fuel economy of 18 mpg. They
can be purchased or leased, provided the lease term is at least 5 years. A $3,500 voucher will be
given if the new vehicle being purchased achieves at least 2 mpg more than the vehicle being
traded in. A $4,500 voucher will be given if the new vehicle being purchased achieves at least 5
mpg more than the vehicle being traded in. The new vehicle MSRP cannot exceed $45,000. - The U.S. Government has approved $1 billion for this program. The program will end when the
budget has been exhausted or by November 1, 2009, whichever comes first. Analysts estimate that
this budget would cover about 250,000 vouchers which are available on a first-come, first-served
basis.
