Got a 79 Chrysler Cordoba in your driveway? Congress is considering a proposal that would reward American up to $4,500 if they trade old cars to cash to scrapping companies, depending on the car.
The Legislative Congress introduced yesterday, said Sen. Charles Schumer. This is an even better trade-in offer than they could get from any car dealership.
The newer the vehicle, the more cash you'll get for it. If your vehicle was made before 1998, you'll get $2,000, while vehicles from 1999-2001 will get $3,000 and any vehicles made after 2002 will get $4,500.
Cash for Clunkers, as the program is being called, aims to get millions of fuel-inefficient vehicles off the road to help lower our reliance upon foreign oil, and reduce emissions and pollution.
The estimated cost of the program is between $1 and $2 billion.