Recently, the House passed the “clunker bill” which allows you to trade in your older, gas guzzling car, for a $4,500 discount on a new and more fuel efficient car. The bill was created as a way to both stimulate the automotive industry and help the environment. With the discount from the bill and the markdowns that certain car dealerships are offering, there are some great deals to be had. Here are some things to remember if you are considering taking part in this year-long deal.
• Research typical maintenance costs for the make and model of the car you are planning to buy. Sometimes maintenance on a particular vehicle is more expensive than average resulting in unanticipated costs.
• Consider a possible increase in car insurance rates when weighing the best deal. Call your insurance agency to find out how to reduce the insurance costs on a new car. These deductions are based on both the model of your car and its features such as passive restraints, alarms, or even anti-lock braking systems.
• Remember that not all cars qualify. Your current car must get less than 18 mpg highway and the new car must get at least 22. You can check out
your car’s mpg here http://www.fueleconomy.gov/.
Visit www.FeedthePig.org for more money-saving tips.
