This new stimulus for the new car market started on July 24th.  A lot of people are interested, but, as usual, it is difficult to qualify.  Here is the bottom-line:

1.       Your trade-must not be worth over $4500, must be manufactured in 1984 or later, must have been owned (in drivable condition) and insured for over a year.

2.       Your “New” (it has to be NEW) must have 10mpg higher fuel economy rating than the car you trade in for the full $4500.00 credit.  If the car is less than the 10mpg but more than 4mpg, you can receive a $3500.00 credit.

3.       The requirements are lower for trucks and SUVs, and large (6000 – 8500 lbs.) trucks. 

Check with the dealer on an individual basis to see if they are participating and what your used vehicle would qualify for.

The credit is basically considered your trade-in value - so the benefit comes to you if your vehicle would normally receive less than the $4500 (or $3500) in trade-in value.  The new vehicle cannot be priced higher than $45,000.