The U.S. government is working hard to give the auto industry the boost it needs to get back on track. One recent move to help is the Cash-for-Guzzlers bill. Having passed both houses of Congress, it has officially been signed into law by the President. Regulations will now be put into place to make it a reality.
Cash-for-Guzzlers is a program that was funded as part of a robust spending proposal totaling $106 billion. In total the Cash-for-Guzzlers program specifically will cost merely $1 billion, which Used Cars Poughkeepsie says is intended to keep the program running until September.
This new program gives vouchers to consumers for up to $4,500 towards new cars if they exchange a gas guzzling car for a fuel efficient car explains Rental Cars South Jersey. Initially, the proposal had difficulties as some senators felt it was too advantageous for Detroit, while foreign automakers also deserved assistance due to their extensive domestic manufacturing operations.
Cars that will be affected by the new Cash-for-Guzzlers program are those that are older and achieve less than 18 miles per gallon in combined city/highway driving says Syracuse NY Suzuki. For drivers of these vehicles that purchase a new vehicle that is at least 4 miles per gallon more efficient, they would qualify for $3,500. For those that boost their mileage by over 10 miles per gallon, New Jersey Hyundai say they become eligible to receive the full $4,500 tax credit. Trading in a truck, car buyers will have to yield a 2 mpg improvement and a 5 mile improvement respectively to qualify for the vouchers.
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