Cash for Clunkers Passes Senate; Offers $4,500 for Old Gas Guzzlers

The Senate today passed a spending bill that included a provision for the cash for clunkers program. The program will provide up to $4,500 for individuals who trade in their old, gas guzzling cars. In order to be eligible for the progam, cars must get no more than 18 miles per gallon and have been built in 1984 or later. The cars must also have been owned and insured by the owner for at least one year.

A consumer can get $3,500 if the car they purchase gets at least 22 mpg. They can get $4,500 if the new car gets at least 10 mpg more than the vehicle being traded in.

The program if funded for one year. So if you have an old car, now may be the time to send it to the scrap heap.

The President is expected to sign the bill into law.