Assuming this program gets more funding, is there anything stopping me from buying a car from a junkyard or something in barely working order for a few hundred and using that to get $4500 off a new car?
Hey, that's a good idea. :smoke:
This part :
Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in
Quote from: alfred russel on August 03, 2009, 09:47:48 AM
Assuming this program gets more funding, is there anything stopping me from buying a car from a junkyard or something in barely working order for a few hundred and using that to get $4500 off a new car?
Quote from: Cash for Clunkers FAQSQ: Can I go to the junkyard and buy an old car and use it for a trade?
A: You have to have owned the car for a year and show continuous registration and insurance for the clunker you trade in. Sp any recent car purchases, trades or transfers would not qualify.
http://www.cashforclunkersfacts.com/bill-faq and see also http://www.cars.gov/faq#category-06
Bummer.
Quote from: Grey Fox on August 03, 2009, 09:55:04 AM
This part :
Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in
Correct. Though if you did have some old gas guzzling junk box, barely worth anything, this is a handy plan for getting some cash saved on a new car. For people with more fuel efficient older cars (over 18mpg) in need of a new car, this plan is of no use.