Updated: 08/04/2009 3:11 PM KSTP.com | Print |  Email
By: Chris Keating

KEATING: Want Cash for your Clunker?

There is a very good chance members of Congress are going to deposit two-billion dollars into the fund for the "Cash for Clunkers" program before the week is out.  So here are a few things you should know before you start driving that old Astro Van or rusted out Jeep to the dealer.  All this information comes off the U-S Department of Transportation website which I found to be an excellent resource.

Number One:  That old clunker can't be more than 25-years old. (Don't try to turn in the old Chevy Nomad sitting in the garage).  If it's not too old you'll likely qualify for the 35-to 45-hundred dollar rebate.

Number Two:  Your car has to get 18 miles per gallon or less.  And that's combined city and highway.  Also the car you want to buy, which can only be a new vehicle must get at least 22-miles per gallon.  Remember besides helping out the car industry the idea is to get less fuel efficient cars off the roads.  The rules do vary somewhat concerning trucks.  There are three grades of trucks that you can buy.  Category one, an SUV or pickup must get at least 18 miles per gallon.  Category two must get 15-miles per gallon.  If you want to know what your car's fuel economy is go to this website, fueleconomy.gov/feg/sbs.htm.

Number Three:  You can't buy the Porsche or Bentley.  There is a cap on the price of the car you decide to buy of $45,000.

Number Four:  You don't have to buy American.  The rebate program applies to both foreign and domestic cars. Remember the government wants you to buy a car they are not discriminating between makes and models.

Number Five:  If you bought a car with the help of a trade-in on or after July first you may be eligible for this credit.  So check with the dealer.