Cash for Clunkers Likely to be Extended Until September
Many dealers have been hesitant to continue the program since they're the ones responsible for collecting the rebates from the government. They don't want to be left with thousands of dollars in unpaid vouchers.
The House already approved an additional $2 Billion to continue the program, and all that's needed now is Senate approval which we believe will pass by the end of the week.
In the meantime, you may want to hold off trading in your car until after the Senate approves the additional funds. Although unlikely, they may insist on certain changes to the program which could come back to bite you if you do a deal now.
Whatever you do, do not write the dealer a check for the rebate amount in case the voucher doesn't go through. You could end up losing the rebate that way. Just wait and make sure the Senate approves the additional funds before proceeding with the program. It's very likely they will do so.
With the additional $2 Billion in funds, the program is expected to last until Labor Day.
3 Steps Every Car Buyer Needs to Take to Save Maximum MoneyThe key to getting the best deal is to gather price or lease bids from as many local dealers as possible. Then shop that best price around until no one can beat it. Here are the steps:
Step 1 Get Prices From My Trusted NetworkSelect the vehicle you're interested in to see if there are local dealers in my network who will provide you with their best upfront price. You will get direct access to an internet sales manager who you can further negotiate with online (no need to visit dealership).
Step 2 Get Prices From TrueCar / CarsDirectTrueCar, and CarsDirect are my top 2 online price quote recommendations. These services show you pre-negotiated prices from dealers closest to you - and the deals are usually pretty decent. But remember, you can still negotiate further.
Step 3 Complete my ChecklistFollow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid