Over the past few days there have been increased discussions in Washington regarding ways to try to help out the consumer as well as aid the automakers. Today the talk heated up quite a lot as Senator Chuck Schumer of New York announced that he will push hard for a quick implementation of the program. Schumer said the program would help cash-strapped Americans replace their inefficient automobiles. The program would be designed to allow Americans to trade in automobiles that get 18 miles to the gallon or less for a more efficient automobile. The real kicker though is the fact that the buyer would be given a credit of up to $4,500 when they trade in their clunker and could then use that money to buy a more efficient automobile.

In President Obama’s remarks about the automobile industry in general today, he remarked that he would be in favor of a move to give Americans credit for those clunkers. Clearly the program is gaining some major steam and it may well be implemented quicker than anyone ever thought. The debacles that are General Motors and Chrysler right now make the the argument a stronger one, since similar programs have helped bring car sales up by 20% or so in Germany.  

What kind of cars would meet the new bills provisions and allow you to trade in your automobile for a large credit? Is your car on the list? A list of automobiles expected to be on the list is here.

The thought is that this program could do a lot of good for the economy if it is done correctly. The positive is that such a program would also serve to make America more energy efficient and more green, which is always a major positive. If the cash for clunkers program is indeed implemented, you’d be wise to take advantage of the perks of the program! Stay tuned!