May 4, 2009
May 5, 2009
Fact Sheet: Cash for Clunkers
Committee on Energy and Commerce
Consumers may trade in their old, gas-guzzling vehicles and receive vouchers worth up to $4,500 to help pay for
new, more fuel efficient cars and trucks. The program will be authorized for up to one year and provide for
approximately one million new car or truck purchases. The agreement divides these new cars and trucks into four
categories. Miles per gallon figures below refer to EPA “window sticker” values
•
Passenger Cars: The old vehicle must get 18 mpg or less. New passenger cars with mileage of at least 22
mpg are eligible for vouchers. If the mileage of the new car is at least 4 mpg higher than the old vehicle,
the voucher will be worth $3,500. If the mileage of the new car is at least 10 mpg higher than the old
vehicle, the voucher will be worth $4,500.
•
Light-Duty Trucks: The old vehicle must get 18 mpg or less. New light trucks or SUVs with mileage of at
least 18 mpg are eligible for vouchers. If the mileage of the new truck or SUV is at least 2 mpg higher than
the old truck, the voucher will be worth $3,500. If the mileage of the new truck or SUV is at least 5 mpg
higher than the old truck, the voucher will be worth $4,500.
•
Large Light-Duty Trucks: New large trucks (pick-up trucks and vans weighing between 6,000 and 8,500
pounds) with mileage of at least 15 mpg are eligible for vouchers. If the mileage of the new truck is at least
1 mpg higher than the old truck, the voucher will be worth $3,500. If the mileage of the new truck is at
least 2 mpg higher than the old truck, the voucher will be worth $4,500.
•
Work Trucks: Under the agreement, consumers can trade in a pre-2002 work truck (defined as a pick-up
truck or cargo van weighing from 8,500-10,000 pounds) and receive a voucher worth $3,500 for a new
work truck in the same or smaller weight class. There will be a finite number of these vouchers, based on
this vehicle class’s market share. There are no