A closer look at 'Cash for Clunkers' rules

By Michael Handy - bio | email

CHARLOTTE, NC (WBTV) - An infusion of money for "Cash for Clunkers" has been passed by Congress and signed by President Obama.

The government is topping-off "Cash for Clunkers" with an additional $2 billion.

Depending on your trade-in, you could get $3,500 or $4,500 toward the purchase of a new car.

The amount of your rebate all depends on the size of your clunker versus the size of the new car you want to purchase.

The rebate is based completely on how much your gas mileage would improve in the new car compared to your clunker.

A quick visit to Cars.gov is the first step in qualifying.

As long as your clunker has a comparable weight limit to the new car, you can move forward to step two.

For example, you cannot trade a big work van for a small economy car.

If you trade a car for a car, then anything less than 10-miles per gallon improvement gets you $3,500, while 10-miles per gallon improvement or more gets you $4,500.

If you trade an SUV for a car, then anything less than 5-miles per gallon improvement gets you $3,500, and 5-miles per gallon improvement or more gets you $4,500.

The qualifications certainly are complicated, so make sure to visit Cars.gov to see how much your clunker is worth.