Commonly referred to as "Cash for Clunkers" this program is available for a limited time
If you're tired of not getting enough gas mileage on your current vehicle, it might be time for an upgrade! Thanks to the new Car Allowance Rebate System (CARS) (also known as "Cash for Clunkers"), you could get up to $4,500 from the government toward the purchase of a brand-new, fuel-efficient BMW, depending on your trade-in vehicle.
Eligibility Requirements for Trade-in Vehicle
- Vehicle must have been manufactured less than 25 years before date of the trade-in
- Vehicle must have an EPA combined fuel economy of 18 mpg or less
- Vehicle must be in drivable condition
- Vehicle must be insured and registered by the current owner for at least one continuous year immediately prior to trade-in
- Vehicles can be passenger cars, SUVs, minivans and light-duty trucks weighing less than 6,000 lbs
Eligibility Requirements for New Vehicles
SUVs, Minivans and Light-Duty Trucks (< 6,000 lbs.)
Combined 22 mpg or more and:
- 4 to 9 mpg improvement over your trade-in vehicle for $3,500 credit
- At least 10 mpg improvement over your trade-in vehicle for $4,500 credit
Combined 18 mpg or more and:
- 2 to 4 mpg improvement over your trade-in vehicle for $3,500 credit
- At least 5 mpg improvement over your trade-in vehicle for $4,500 credit
$45,000 Base MSRP or less
Vehicle to be purchased must be new and have never been titled
The CARS Program is Only Available for a Limited Time
The CARS/"Cash for Clunkers" program is only for a limited-time, October 31, 2009 or until the funding is depleted, whichever occurs earlier. The program is scheduled to begin July 24th. So act now to take advantage of this great opportunity to benefit the environment and your wallet! In addition to the CARS incentive, the temporary Federal tax deduction for State and local sales and excise taxes paid to purchase a motor vehicle expires on Dec. 31, 2009. All the more reason to purchase a new BMW now before the tax deduction ends!
Read more about the Car Allowance Rebate System on the official site of the U.S. Department of Transportation www.cars.gov
