The 'cash for clunkers' program (C.A.R.S.) is set to be fully operational by July 24th, 2009.

President Obama signed the Consumer Assistance to Recycle and Save (CARS) act into law June 24th, 2009, and although consumers may start taking advantage of the program before July 24th, 2009 many government agencies suggest waiting until all the details are finalized by Julky 24th to get the most benefit from the program.

Some of the program highlights are:

Consumers can get a cash value trade in credit for specific makes and models of trades in order to encourage them to buy a new, more fuel efficient model.

The program is offered through November 1, 2009, or until the 1 billion dollars set aside for this program are exhausted, whichever comes first. Period.

The Cash for Clunkers (CARS) act trades must be:

• drivable
• must have been insured continuously and registered to the current owner for a minimum of 1 year prior to the trade in time.
• must have been manufactured not earlier than 25 years before the date of the trade in, and if a category 3 vehicle, not later than model year 2001.
• if a passenger automobile, category 1 & 2 truck, the vehicles combined fuel economy value must be 18 miles per gallon or less.

Vehicles not meeting these specific guidelines are ineligible for the CARS trade in credit.

The CARS program trade-in credit only applies to new car purchase transactions, and the credit cannot be used for used car purchase transactions.

The new car price must be $45,000 or less, as determined by the Manufacturers Suggested Retail Price (MSRP) label.

The new vehicle being purchased must meet combined gas mileage economy requirements:

• Passenger automobiles : 22 miles per gallon or higher
• Category 1 trucks: 18 miles per gallon or higher
• Category 2 trucks: 18 miles per gallon or higher
• Category 3 trucks: no minimum requirement, but special purchase requirements exist (see pdf)

Consumers may lease or buy the new vehicle.

The overall trade in credit value is between $3500 and $4500 per trade, depending on the vehicle, and fuel economy ratings. We've provided a few charts below to assist in your assessment of your trade in value.

Dealers must use this credit in addition to any rebates or incentives also provided to the consumer (you), so you get the value, plus, plus, plus....

How cool is that?

You may also use this credit in conjunction with any other state and federal credits, like the hybrid vehicle credit outlined here: hybrid vehicle credit

Consumers may only use one credit per purchase.

Dealers may not charge you a fee specific to this program, although their normal processing fees apply and have no bearing on this program.

Log in to our website and get your car deal trade credit today!

www.MyBestCarDeals.com