President Barack Obama signed into law Wednesday a new buyer incentive program which will help people trade in their older vehicles for new, more fuel efficient ones, according to the U.S. Department of Transportation.
Owners can get a $4,500 rebate for trading in a car that has a fuel economy rating of 18 miles-per-gallon or less. The new car that is being bought or leased must have a fuel economy rating of at least 10 miles per gallon more than the car to be traded.
For those who own vans, sport utility vehicles and pickups, the fuel economy of the vehicle must be 18 miles per gallon or less, too. Owners can receive a $3,500 rebate for a new one that would get at least two miles-per-gallon better mileage. That would go up to $4,500 for a new vehicle that gets at least five miles per gallon better mileage.
The program starts within 30 days. The final day for an eligible purchase or lease is Nov. 1 or whenever the money runs out, whichever is first.
Are you thinking about trading in one of your old cars? Why or why not?
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