In this article, find out how to qualify for a $4,500 car rebate from the United States federal government. Find detailed information about this limited-time new vehicle purchase incentive authorized by Barack Obama in June 2009.
Also, find links to other U.S. car rebate stimulus and new vehicle tax deduction program information below.
$4,500 Car Rebates – U.S. New Car Stimulus Incentive
An individual can qualify for a $4,500 auto voucher several ways. However, there are stricter rules for qualifying for a $4,500 credit versus a $3,500 credit. What it boils down to is the category of the two vehicles involved and how many more combined miles per gallon an eligible trade-in gets over the new car purchased.
How to Qualify for 4500 Government Auto Vouchers in 2009
Here are the three different ways to qualify for a $4,500 car rebate as described in the final Cash for Clunkers program rules:
- Trade in a passenger automobile, category 1 truck, or category 2 truck for an eligible new passenger automobile that gets at least ten miles per gallon better combined fuel economy than the trade-in.
- Trade in a passenger automobile, category 1 truck, or category 2 truck for an eligible new category 1 truck that gets at least five miles per gallon better combined fuel economy than the trade-in.
- Trade in a category 2 truck for an eligible category 2 truck that gets at least two miles per gallon better combined fuel economy than the trade-in.
Find out the definitions of passenger automobiles and category 1, 2, and 3 trucks in the article Which Cars Qualify for U.S. Government Vouchers.
New United States Cash for Clunkers Program Details on cars.gov
As mandated by the Consumer Assistance to Recycle and Save Act of 2009, the NHTSA has published final rules for the Cash for Clunkers program on the official Car Allowance Rebate System website, cars.gov. To access the rules document, navigate to cars.gov, click on the “Official Information” tab, and choose to “download the rule.” The final rule document is available for download in PDF format.
Why Federal Govt Automobile Incentives for 2009 Vehicle Purchases?
According to cars.gov, the Cash for Clunkers program “helps consumers buy or lease a more environmentally-friendly vehicle from a participating dealer when they trade in a less fuel-efficient car or truck. The program is designed to energize the economy; boost auto sales and put safer, cleaner and more fuel-efficient vehicles on the nation's roadways.”
That statement summarizes the premise behind the Cash for Clunkers government stimulus program. Read more about Barack Obama’s stimulus measures in these articles:
New Car Tax Rebate – Obama Economic Stimulus Plan – This article introduces the new vehicle sales & excise tax deduction authorized by Barack Obama as part of the 2009 economic stimulus plan.
Government Car Rebate & $3,500 or $4,500 Voucher – This article discusses how the new vehicle tax deduction and a federal government car rebate might be combined for maximum savings on new car purchases in 2009.
Resources:
Consumer Assistance to Recycle and Save Act of 2009
Car Allowance Rebate System final rules retrieved from cars.gov on July 25, 2009.
Lena Gott - Lena Gott is a Certified Public Accountant who gives practical financial advice to her readers.
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