As you may know by now, the bill calls for an at most $4,500 voucher to be given to those who trade in their old vehicles. These vehicles will be crushed, so there will be no trade-in value to be collected by owners.
To be eligible for the voucher, cars must have an EPA combined fuel economy ratings of 18 miles per gallon or less, while the new purchased vehicle must have better mileage than the one traded in. The old car must be in the current owner's possession for at least one year.
Edmunds.com has put together a list of cars whose owners would benefit, more or less, from the current cash for clunkers bill. According to the source, the best value comes from the 1996 Toyota Land Cruiser, whose owners may get $4,042 for their car. In the opposite corner lies the 1997
Lincoln Continental, whose cash for clunkers value is about $1,179.
Of course, the cash for clunkers bill is nowhere near being complete. The debate over the bill is still raging, as now questions arise over the utility of the incentive "as is". The main argument of the bill's detractors is that, given the fact the the old cars are to be shredded, owners of such vehicles may be better off by selling the car or trading it in outside cash for clunkers.
Cash for clunkers now awaits to be included into a larger incentive plan. Following this step, the incentive must be considered by the U.S. Senate, with sources saying the program will be ready within weeks.
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