Cash for Clunkers

Vouchers, which would be paid to the dealer, would be limited to cars costing no more than $45,000.  The limit on trucks has not been determined. For this to work for you, your trade-in value would need to be less than the value of the voucher as your car is not resold, therefore has not trade-in value, but destroyed and shredded.

Do not think you are going to go to Craig’s List and purchase an old car for $800 and get a $4,500 voucher.  A key restriction is that the car must be registered in your name and owned by you for one year.