'Cash for Clunkers' Vouchers: July 1, 2009 - Nov. 1, 2009

The "cash for clunkers" bill which allows consumers to trade in gas guzzlers for more fuel-efficient vehicles was finally approved today by the senate. Once the bill lands on President Obama's desk he's expected to sign it. Uncle Sam (our government) has allotted a total of $1 billion toward this bill. Consumers who qualify should expect to receive vouchers ranging from $3,500 to $4,500.

It is expected that this bill will pump about 150,000 new vehicles into the sluggish auto industry this year. Car shoppers who have been on the fence about buying a new vehicle should move on this soon. Just like the certificates the government issued to consumers who were switching from analog to digital TV, this incentive won't be around for long.

The "cash for clunkers" incentive is expected to go into effect on July 1, 2009 and run until around November 1, 2009. Within 30 days of enactment, Uncle Sam (our government) will publish a Web site that includes guidelines for determining eligible trade-ins, details on participation and a list of new vehicles that meet program requirements. As soon as we get more details, we'll have it for you here. To get some of the preliminary details about the bill and how you qualify, click here.