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!)