Cash For Clunkers Senate Vote Hailed By Obama

Everyone, especially Barack Obama, is hailing the Senate for approving an additional $2 billion for the "cash for clunkers" program.

President Obama lauded the cash for clunkers senate vote as a boost to the slumping car sales. The initial $1 billion allotted for the cash for clunkers program ran out in the first 10 days of the cash-for-clunkers program.

The Cash For Clunkers program gives consumers up to $4,500 in rebates if they swap out their gas guzzlers for new, fuel efficient cars.

Here are the Cash For Clunkers Rules

• The eligible clunker has to be driveable and can't be more than 25 years old. Pickups and vans over 8,500 and less than 10,000 pounds of gross vehicle weight must have been after 2000.


• The program runs through Nov. 1, 2009.


• Dealers have to register and approval may take two to four days.


• You must have owned your clunker for at least a year, and be able to prove it.


• You must be able to show it was insured for the previous year.


• Clunkers must get less than 18 miles a gallon combined fuel economy. The new car you're buying must get at least 22 mpg. A new SUV or small truck must be rated at least 18 mpg and there's no minimum when you're buying an extra-large work truck or van.


• If a clunker car is traded in for a new car that achieves 4 to 9 miles per gallon better fuel economy, the credit is $3,500. If it gets 10 mpg more, the credit is $4,500. If you're trading in an SUV or pickup and want to buy another similar vehicle, you get $3,500 if it there's only a 1 mpg improvement. If there's a 2 or more mpg improvement, you get $4,500.


• The clunkers in the cash for clunkers program will destroyed, not resold. Parts can be stripped, but the engine block must be rendered inoperable.

Top "Cash For Clunkers" Vehicles Purchased
1. Toyota Corolla
2. Ford Focus
3. Honda Civic
4. Toyota Prius
5. Toyota Camry
6. Hyundai Elantra
7. Ford Escape
8. Dodge Caliber
9. Honda Fit
10. Chevrolet Cobalt

Top "Cash For Clunkers" Vehicles Traded-In
1. Ford Explorer 4WD
2. Ford F-150 2WD
3. Jeep Grand Cherokee 4WD
4. Jeep Cherokee 4WD
5. Dodge Caravan/ Grand Caravan 2WD
6. Ford Explorer 2WD
7. Chevrolet Blazer 4WD
8. Ford F-150 4WD
9. Chevrolet C1500 2WD
10. Ford Windstar FWD

Source: The Associated Press, Fort Worth Telegram, USA Today