10 Tips to Cash in on Cash for Clunkers Program
Last Update: 8/21 10:58 am
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The Cash for Clunkers program is going to shut down Monday at 8pm. Now the AAA Mid-Atlantic is offering tips to help you cash in! Top 10 AAA “Cash for Clunkers” Tips
1. Check value of trade-in vehicle in advance. If the value is greater than the $3,500 or $4,500 credit offered through the CARS program, motorists should sell their existing vehicle separately. Drivers can visit AAA.com/auto for assistance in determining the value of their existing vehicle. 2. Make sure the vehicle qualifies. A vehicle that does not run; hasn't been insured for a year; and hasn't been owned by the seller for a year, does not qualify for the rebate program. Program rules can be found on cars.gov. Additionally, old mileage estimates by the Environmental Protection Agency (EPA) are not valid. Vehicles' new mpg ratings can be found on FuelEconomy.gov - updated by the EPA last month.
Find the Right Vehicle
3. Evaluate the total cost of vehicle ownership. Consumers should determine if a new vehicle is affordable and what type of new vehicle to purchase based on the total cost of vehicle ownership—not just the purchase price. Other costs that should be considered include finance charges, insurance rates, fuel economy, taxes and registration fees, depreciation value and maintenance costs. 4. Select the right vehicle for you. Only select new vehicle models are eligible for the CARS program. While a wide variety of vehicle types are included, consumers should not feel pressured to purchase a vehicle that does not fit their needs and lifestyle. As with any vehicle purchase, consumers should evaluate their lifestyle, needs and priorities to select the vehicle that is right for them. No matter what their needs, AAA recommends consumers consider fuel-efficiency a high priority. 5. Combine with other incentives. The rebate can be combined with other sales incentives, like federal tax programs concerning hybrid vehicles.
Negotiate!
6. Negotiate the best deal. Regardless of the incentives offered under this, or any other program, consumers should always negotiate the best possible deal on the three most important aspects of most vehicle purchase transactions:§ Credit value for the trade-in§ Price of the new vehicle§ Terms of any credit needed to purchase the vehicle 7. Do not sign contingency agreements. Consumers should not sign contingency agreements to pay back the dealer should their CARS credit be rejected. It is the dealer’s responsibility to make sure the purchase qualifies for the program.8. Take possession of new vehicle at time of transaction. If the dealer has the new vehicle in stock, consumers must be allowed to take possession of the vehicle at the time the paperwork is completed. Consumers do not have to wait to take possession of their new vehicle until the dealers receive their CARS credit from the federal government.
Don't Pay Extra...
9. Don’t pay an extra fee. Consumers should not be charged a fee by dealers specifically to process paperwork for the CARS program. While other dealers fees will still apply, there should be no additional fees for this program. 10. Consider used vehicles. While used vehicles do not qualify for the CARS program, depending on a consumer’s financial situation, it may be a better alternative. While new vehicles can initially have lower repair costs due to manufacturer warranties, they also have far greater depreciation value initially. Consumers should weigh all their options before making a decision.
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Copyright 2009 The E.W. Scripps Co. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
