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Cash for Clunkers Signed By President Obama

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President Obama has signed off on the Car Allowance Rebate System (CARS), also known as Cash for Clunkers. The fine details are still being worked out, but for pickup truck owners it's expected to work like this: 

If you own an old light-duty truck, such as a 2000 Chevrolet S-10, you can qualify for a $3,500 voucher if the new light-duty truck that replaces it has a combined fuel economy rating of at least 18 mpg and gets at least 2 mpg higher than the old truck. If the mileage of the new truck is at least 5 mpg higher, the voucher will be $4,500. The old truck has to be a 1984 model or newer.

If you own an old large light-duty truck, such as a 2000 Ford F-150, you can qualify for a $3,500 voucher if the new large light-duty truck that replaces it has a combined rating of at least 15 mpg and gets at least 1 mpg higher than the old truck. If the mileage of the new truck is at least 2 mpg higher, the voucher will be $4,500. The old truck has to be a 1984 model or newer.

If you own a 2001-model-year work truck or older, such as a 2000 Dodge Ram 3500, you can qualify for a $3,500 voucher for a new work truck or trade down to a large light-duty truck. There's no mileage requirement on these trucks because the EPA doesn't require fuel-economy ratings on heavy-duty pickups.

All trucks have to be driveable and must have been continuously insured and registered to the same owner for at least one year.

You don't need a voucher for the vehicle you're scrapping, dealers will apply a credit at purchase.

Consumers can sign up for updates as the program rolls out to car buyers and dealers at the government's CARS website. The program is scheduled to end on November 1, 2009 but could be extended.

To find out more about Cash for Clunkers for all vehicles, check out the full details at Cars.com

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