Since the new “cash for clunkers” program took effect on Friday, it seems like there is a lot of confusion about how it actually works. Your New Jersey dealers would like to clear up some confusion with some facts about the federal program and how it can benefit you.
• First of all, there is only one credit available per person. If you were thinking of getting rich off of this idea, think again.
• The vehicle you are trading in for your voucher must be registered and insured in your name for one year prior to bringing it in.
• Your trade-in must be driveable. There are several stipulations that constitute driveable, but your dealer can help you determine that.
• The suggested retail price of the new car you are buying must be no higher than $45,000. This price is the base price, so the price can be higher when adding accessories, dealer fees and other charges.
• The new car can be a lease as long as the contract is for at least five years. However, the agreement incorporates a balloon payment at any time during the five years if the vehicle ceases to meet the basic requirements.
Those are just a few facts about the cash for clunkers program. Come back on Friday for more about this confusing yet beneficial program. Until then, you can visit your Trenton area VW dealer and start shopping for your new car today!