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Cash For Clunkers Program Begins
"Bye clunker," Walter said as they took away her tired old early-90's SUV and she slid into her new Ford Edge.
"Basically, what the government is doing is giving the auto industry a stimulus for new vehicle sales," said Brett Corcoran of L.B. Smith.
The 'clunker' traded in has to be 1984 or newer. It has to get 18 miles per gallon or less and must have been owned and registered by the person trading it in for the past year.
To get the maximum benefit of $4,500 towards a new purchase, the new vehicle has to get at least 10 miles per gallon more than the trade-in.
"We sign the title over as a junk title," Corcoran said. "We're promising not to resell it for anything but scrap."
Already a dozen clunkers sit waiting to scrapped at L.B. Smith. The program lasts until November 1, but Corcoran believes the funds will run out way before then.
The Pennsylvania Institute of Certified Public Accountants says the $4,500 under the clunker program is not taxable.
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