Tuesday, July 28, 2009

If I Had Just Waited

1992 Chevy Lumina & 2009 BMW

I bought my new car on May 22, 2009 and that was also the same day I sold my old car... a 1992 Chevy Lumina for an amount so laughable, I won't even bring it up here. I've often said that I'm a man ahead of his time and the latest news today bears me out.

Car shoppers can now take advantage of new government incentives worth $3,500 to $4,500. Owners can scrap their "clunker" in exchange for a new, more fuel-efficient vehicle, and lop-off thousands of dollars from the sticker price. Congress approved the "Car Allowance Rebate System " or "CARS" program last month to boost auto sales and attempt to retire some of the old inefficient cars and trucks. Here's a look at the program:

Cars and trucks must be 1984 models or newer to be eligible for a trade-in rebate. They must get 18 miles/gallon or less in combined highway/city rating — based on the "Estimated New EPA MPG" ratings available at www.fueleconomy.gov. The vehicle needs to be driveable, insured, and licensed for at least a year... so, forget about buying a clunker this summer for $500 and "flipping" it through the program because violators face penalties if they submit false information.

As I stated above, my car was a 1993 model and it was in great condition. It had a new alternator, new battery, and it just had a tune up in December. It was very drivable and that's the truth! I hope this information I'm sharing can help some of you good people out who might be in the market for a new ride.

For passenger cars, consumers can get $3,500 if the new vehicle gets at least 4 mpg more than the trade-in and $4,500 if the new vehicle gets at least 10 mpg more than the trade-in. For sport utility vehicles, pick-up trucks, or mini vans, owners can get a $3,500 rebate if the new vehicle gets at least 2 mpg higher than the old vehicle. The rebate improves to $4,500 if the new vehicle gets at least 5 mpg higher than the trade-in. Large work trucks weighing at least 6,000 pounds can also qualify for rebates of $3,500 to $4,500.

This won't subsidize a new Ferrari or BMW. The new vehicle needs to meet the fuel-efficiency requirements and have a manufacturer's suggested retail price of less than $45,000. Used car purchases are not allowed under the program. My new car (a 2008) was way under $45,000 and surprisingly enough was not a used car... it was a store room model.

Go to your local car dealer. Dealer registration for the program began on Friday. Owners need to bring their vehicle, title, proof of registration, and proof of insurance. This sounds like a program that I could have benefited from in that, I might have gotten more for my old car than I ended up getting. If only I had waited. But, like I said, I hope this program can help some of you folks out there.

(This has been another public service announcement from the Maverick of All Bloggers... a man ahead of his time!)

22 comments:

Blu Jewel said...

Although I, personally am not in the market for a new vehicle, this is good information.

Love to live; live to love!

Beautifully.Conjured.Up said...

This is nice. If possible, I would love to trade in my Mitisubishi Montero Sport for a Volvo *smile,* but that's not going to happen *frown.*

ShellyShell said...

I read about this the other day. Too bad my car is paid off and I don't want another payment for quite sometime!

A Free Spirit Butterfly said...

Love the title. If I had just waited, I would have saved $34,000. I purchased a Dodge Charger in Jan 06 and the ex left that June. If I had known, I'd be still fluttering around in my 93 Toyota that suited me perfectly. He used the power of persuasion and convinced me I needed something new. Well, in the end, I got something new; ME! (smile)

Love ya

Free Spirit Butterfly

Mizrepresent said...

This is great news Keith! Thanks for sharing!

Grover Tha Playboy! said...

Way ahead of you bruh...I took advantage of that program recently and got me a new car!

Jazzy said...

Good Information Fam!

Toni said...

That's why I love this blog...It's educational,informative,humorous...so many things wrapped up in one.

Angie B. said...

Ditto what my room-mate said! -:)

Sunflower said...

I've got a 1997 Nissann Altima I'd like to upgrade to one of the newer
Altima's..lol.

Swaggie said...

Like you,I just bought a new car in May...Still got my clunker though..I might just trade it in.

Sean said...

Are you sure you would have qualified anyway for this..Considering you bought a 2008,rather than an '09? Just asking.

Tate2 said...

Thanks for the heads up bruh,I'm gonna check into this.

James Perkins said...

Just turned in my clunker for a new car...Thanks for this, but I already knew about it.

Simon Bastion said...

This is very good information to have. Thanks Keith!

Lisa said...

This sounds like a good program.
I just finished paying my car off
(2005 Nissann Sentra)and don't know if I want to trade it in for
something else.

Halo said...

I've got a 1999 Mazda...I think I'm going to take it to my dealor and see what can be done. Thanks Keith.

Vanessa said...

I read about this program the other day. Sounds like good stuff.
Lord knows I need a new ride.

Cheryl said...

I'm not in the market for a new car. Just got one last year..I know plenty of people who are.
I'll make them aware of this.

Brenda said...

I thought this was a relationship post at first...but it turned out to be something else all together.
Good post as usual.

Captain Jack said...

Very good information to have. I'll be sure to share with friends of mine who are in the market for a new car.

Angel said...

They are doing that car scrap scheme here to boost the motoring industry.
The problem is, over here you get a better deal if you don’t do the scheme and just negotiate with the dealer lol




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