Ohio Congresswoman Betty Sutton has introduced a new bill to provide a voucher of up to $5,000 in exchange for your clunker. To be eligible for the voucher, car buyers would have to purchase a new vehicle that is more fuel efficient than the car or truck it replaces. The trade-in also needs to be at least eight years old, while the replacement vehicle needs to sticker for less than $35,000.
The bill will include purchases of both foreign and domestic autos, but there is an incentive to buy vehicles assembled in North America. If the bill passes, foreign-made vehicles will receive a voucher of $4,000, while North American-made vehicles will be eligible for the entire $5,000.
Sutton is hailing her bill as a win for all, saying the legislation will "help consumers, stimulate our economy, improve our environment, reduce our dependence on foreign oil, and help our domestic auto and related industries." Not surprisingly, domestic automakers are smitten with the idea of vehicle vouchers. General Motors CEO Rick Wagoner said the legislation would be a "big help," while Ford called the idea a "win-win" for the auto industry and the environment. We're calling it a great way to get $5,000 off the price of a 29-mpg Chevrolet Camaro. Thanks for the tip, Vlad!
[Source: The Detroit News, Photo by tromasbronot | CC2.0]