Toyota Of Wallingford

        Toyota of Wallingford

 

Cash For Clunkers

AKA

Cash Allowance Rebate System (CARS)

The government just approved an additional 2 billion for the program! It is not expected to last past labor day. Call today to make an appointment.  

 

With the U.S. Governments trade-in program aka Cash for Clunkers, your old vehicle may be worth up to $4,500, plus local incentives, towards the purchase or qualifying lease of a new Toyota or Scion.

Choose among 15 available Toyota car, truck, SUV and hybrid models, or select from Scions full lineup of vehicles.

To find out more about the Cash for Clunkers program, visit cars.gov.

The NHTSA renames Cash for Clunkers Car Allowance Rebate System or (CARS) and launches new website. http://www.cars.gov/ .

Click Here to read the actual law. The new target for the start date is late July and the program will end November 1, 2009.

5 Important Things to Know

• Your vehicle must be less than 25 years old on the trade-in date
• Only purchase or lease of new vehicles qualify
• Generally, trade-in vehicles must get 18 or less MPG (some very large pick-up trucks and cargo vans have different requirements)
• Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in
• You don't need a voucher, Toyota of Wallingford will apply a credit at purchase

Here are some Q&A from http://www.cars.gov/faq.html

• What is the Car Allowance Rebate System?
• What is NHTSA doing to implement the program?
• Do I need to get a voucher or sign up for this program?
• How do I know if my car or truck is an eligible trade-in vehicle?
• How do I find out when my vehicle was manufactured?
• How do I find out the combined city/highway fuel economy rating of my trade-in vehicle?
• Does the program apply if I want to lease a vehicle, or must I purchase a vehicle?
• Is there a cap on the price of the vehicle I can buy or lease under the program?
• Does the program apply if I want to buy a used car?
• What is the amount of the credit?
• In addition to the credit, will I get the full value of my trade-in vehicle?
• I don?t drive an American car but I would like to trade in my old car for a newer, more fuel efficient one. Is this program only for American cars?
• I have a truck and I cannot find its fuel economy rating. Is it an eligible trade-in vehicle?
• I just traded in my old car for a new vehicle last month. Will I get some money back

June 19, 2009

The "Cash for Clunkers" legislation has passed the House and Senate and is waiting to be signed into law by the President.

Does My Clunker Qualify?

To qualify, your trade-in vehicle must:

• Be in driveable condition

• Have been continuously insured consistent with State laws and registered to you for at least one year immediately prior to trade-in

• Be manufactured less than 25 years before the date of the trade-in

• Have a combined MPG of 18 or less (this does not apply to category 3 trucks---defined below)

MPG requirements for 1985 model year vehicles and newer are based on the Combined "New EPA MPG"

How Much Cash Can I Get?

The incentive amount depends upon the kind of vehicle you want to purchase, its MPG relative to your trade-in vehicle, and in some cases, the kind of vehicle you are trading in.

Fueleconomy.gov will be providing a feature soon that will help you (1) determine whether your current vehicle is eligible and (2) identify which new vehicles qualify for the incentive. In the meantime, you can use the table below as a guide.

New Vehicle Type	New Vehicle MPG*	Trade-in Type	New Vehicle Improvement*	Incentive
Passenger Car	At least 22 MPG	--	At least 4 MPG	$3,500
			At least 10 MPG	$4,500
Category 1 Trucks: SUVs, including MDPVs between 8,500 and 10,000 lbs. Pickups w/ GVWR <8,500 lbs. & wheelbase <= 115 in. Vans w/ GVWR <8,500 lbs. and wheelbase <= 124 in.	At least 18 MPG	--	At least 2 MPG	$3,500
			At least 5 MPG	$4,500
Category 2 Truck: Pickups w/ GVWR <= 8,500 lbs. & wheelbase > 115 in. Vans w/ GVWR <= 8,500 lbs. & wheelbase > 124 in.	At least 15 MPG	Category 2 truck	At least 1 MPG	$3,500
			At least 2 MPG	$4,500
		Category 3 truck (2001 model or older)	NA	$3,500
Category 3 Truck: All trucks w/ GVWR 8,500-10,000 lbs., excluding MDPVs	NA	Category 3 truck (2001 model or older)	Similar in size or smaller than trade-in	$3,500

*MPG requirements are based on EPA's combined city/highway rating.
GVWR = Gross Vehicle Weight Rating; MDPV = Medium-Duty Passenger Vehicle
Not applicable; Cat. 3 trucks do not have EPA MPG ratings

In addition to the above requirements, the purchased vehicle must:

• Be new (i.e., legal title has not been transferred to anyone)

• Have a manufacturer's suggested retail price is $45,000 or less

June 12, 2009 -  The House and Senate have agreed upon a $1 billion appropriation for the Cash for Clunkers bill.  The one billion dollar funding is part of a much larger $106 billion dollar wartime spending bill. 

The Cash for Clunkers bill is NOT yet law as the finalized bill must be passed by Congress.  It is expected that a vote could come next week.   President Obama has already told US consumers that he supports the measure and would sign it into law. 

Stay posted because the bill seems very likely to pass.

Check to see if your car qualifies

as posted on http://www.cashforclunkersfacts.com/

June 9, 2009 -  Late this afternoon, the House, on a vote of 298 to 119, approved the Cash for Clunkers bill (H.R. 2751).  With this vote, the Cash for Clunkers Bill  has cleared one major hurdle.

The next step for the Cash for Clunkers bill is for the bill to be added to the Supplemental Appropriations bill conference report, which must be approved by both the House and Senate.

                                                          Keep informed of future updates

*In addition don't forget that you can still write off the sales tax that you pay when you purchase a new vehicle on or before January 1, 2010. Read below:

2009 Auto Sales Tax Deduction

FACT SHEET: AUTO SALES AND EXCISE TAX DEDUCTION

President Obama signed "The American Recovery and Reinvestment Act of 2009" into law on February 17, 2009. The law includes a new consumer tax deduction for State and local sales and excise taxes paid to purchase a motor vehicle during 2009.

• Provides consumers a new tax deduction on their 2009 Federal income taxes for "qualified motor vehicle taxes."
• Qualified motor vehicle taxes include any State or local sales or excise tax imposed on the purchase of a qualified motor vehicle.
• Qualified motor vehicles include passenger automobiles or light trucks with a weight rating of not more than 8,500 pounds.
• Applies to NEW vehicles only.
• Deduction allowed for non-itemizers.
• Limitation on Vehicle Price: limited to the tax on up to $49,500 of the purchase price of a qualified motor vehicle.
• Income Limitation: Phased out for taxpayers with modified adjusted gross income between $125,000 and $135,000 ($250,000 and $260,000 in the case of a joint return).
• Effective Date: Purchases on or after February 17, 2009, and before January 1, 2010.

Customers with questions related to their particular tax situation should be advised to consult with a financial adviser.

Toyota of Wallingford

Contact Ron Jackson, Internet Sales Manager with any questions or comments.

1-800-581-9805