Dick Durbin and Cash for Clunkers
Dick Durbin visited Granite City today and talked about a co-sponsored bill that the state is currently moving on.
The proposition in a nutshell is, consumers will receive vouchers from the federal government to help purchase new, more fuel-efficient cards and older cars that damage the environment will be taken off the roads if legislation to establish the "Cash for Clunkers" program is approved by Congress.
A quote from Senator Durbin: "At a time when the future of the auto industry is uncertain and sales are lagging, a program that will bring people back into dealerships and stimulate auto sales is badly needed. The Cash for Clunkers program will not only give consumers an incentive to buy new cars, but will also encourage them to choose more fuel-efficient vehicles. Both our economy and the environment will benefit in the long run from taking these older, inefficient cars off the road."
The "Cash for Clunkers" measure, also know as the Drive America Forward Act provides up to a $4500 voucher to purchase or take a qualified lease on a new, more fuel-efficient car or truck for trading in an older vehicle to be scrapped. Consumers receive a $3500 voucher if the new car is at least 4 miles per gallon higher than the old car. The value of the voucher climbs to $4500 if the new car is 10 mpg higher. Different fuel economy requirements are used for eligible new SUVs and trucks.
New passenger cars must have a fuel economy of at least 22 mpg and have a retail price less than $45,000. Trade-in vehicles must have a fuel economy less than 18 mpg, except for work trucks, be in drivable condition and have been insured and registered to the same owner for a year.
