Wednesday, May 6, 2009

BREAKING : U.S. House reaches agreement on ‘cash for clunkers’ bill for one million car buyers

U.S. House members and the Obama administration have reached an agreement for a “cash for clunkers” bill that would offer one million new car shoppers up to $4,500 each in an effort boost auto sales in the United States.

This bill basically means that these one million shoppers will be paid if they go for a more "environmentally friendly - green" car. New cars would have to average at least 22 mpg to qualify for a $3,500 voucher. If the model gets 10 mpg better than the old car, the voucher will be increased to $4,500. Trucks would have to average at least 18 mpg and get at least 2 mpg than the old model for a $3,500 voucher. 5 mpg better will get the $4,500 voucher.

The voucher will be available for only one year and will be offered to one million new car shoppers.

Source: [Free Press ]

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