Hyundai Motor America has posted an official information page regarding the U.S. government's newly enacted "Car Allowance Rebate System" (CARS). The CARS program, better known as "Cash for Clunkers", offers a credit of up to $4,500 towards the purchase of a newer, more fuel-efficient car after trading in an eligible, old car. Effective July 1st, this program's intention is to encourage customers to trade in their old, low fuel economy vehicles and consequently, improve the environment and stimulate new car sales for the auto industry. Hyundai is already experiencing record sales in the United Kingdom where a similar scrappage program has led to skyrocketing demand for the brand's affordable and fuel-efficient cars.Qualifying Hyundai models for the CARS program (with combined MPG) are: Accent (29 MPG), Elantra (28 MPG), Elantra Touring (26 MPG), Genesis Coupe 2.0T (24 MPG), Santa Fe (20 MPG), Sonata (25 MPG), Tucson (22 MPG), and Veracruz (18 MPG).
For a trade-in car to qualify, the car must be built in 1984 or later (25 years or less), gets 18 MPG or less in combined city/highway driving as per the EPA, is in drivable condition, and is registered and insured under the driver's name for at least a year.
New vehicles eligible for purchase or minimum five (5) year lease must get at least 22 MPG in combined city/highway driving as per the EPA for cars (18 MPG in combined city/highway driving for light-duty trucks), and not exceed $45,000 in MSRP. The credit amount one qualifies for depends on the difference of combined MPG between the old, trade-in car and the new, eligible car. A 10 MPG improvement for cars or 5 MPG improvement for light trucks qualifies for the maximum $4,500 credit.For more information, visit Hyundai's official information page at the link below.
[Source: Hyundai Motor America]
