Everyone is talking about the new “Cash for Guzzlers” plan. But, nobody seems to know all the details. Here is the run-down for the program:
- The Dealer registers for the “Cash for Guzzlers” program
- The Consumer trades in for a qualifying car
- Government Credit is deducted from the purchase price of the new card
The amount you receive is dependent on the improvement in fuel economy. For a car, if the improvement is 4 mpg or more, you are eligible for a $3,500 credit. For more than a ten mpg improvement, your credit would be $4,500
The cars that are traded in are picked apart to collect the usable parts, and then the car is destroyed. We aren’t sure how many Toyota cars will be turned in with this plan. They would collect the usable Genuine Toyota parts, and then be crushed.