Deals on Wheels

***Updated 7/31/09 below***

If you've got a gas-guzzler, this may be the time for you to trade it in and get some extra purchasing power from the federal government. The Car Allowance Rebate System (CARS) is a Department of Transportation program that will provide $3500 - $4500 discounts on new automobile purchases or leases when you trade in a vehicle with cruddy fuel economy. To see if you qualify, check your car or truck's gas mileage at my favorite website of the moment: fueleconomy.gov.

According to the Federal Register proposed rules, the purchased vehicle must be sold as new, sell for less than $45,000, and have minimum fuel economy standards. Get all the details at the CARS faq, and the final CFR rule.

The program ends on November 1, 2009 or when the $1 billion of funding runs out, so put the pedal to the metal (sorry) and hurry on in (again, sorry) because They're Dealin'!! (okay, I'm done now)

Update 7/31/09
Oh noes! As of Friday morning, it looks like more people have jumped on the "Cash for Clunkers" deal than the government anticipated -- the money may have been depleted in the program's very first week. Qualifying purchases made since July 1st are included in the payout that began last week, accounting for the large number of sales.

Because the program is so successful, DOT is in talks with Congress to find ways of extending the rebate period. If you wanted to participate but haven't yet, let your legislators know!