U.S. Cash-for-Clunkers deal reportedly nearing congressional compromise
(Source: Autoblog & The Detroit News)
It’s looking increasingly likely that the United States will soon have its own Cash-for-Clunkers program. According to The Detroit News, two bills are currently competing for Congressional votes, and while they would both offer sizable rewards for turning in older vehicles, they vary in what new cars and trucks would qualify for the program.
The other bill, sponsored by Rep. Steve Israel (D-New York), would offer up to $4,500 for the purchase of a new vehicle, assuming that the vehicle being traded-in gets 18 mpg or less, and the new vehicle’s fuel efficiency is at least 25% better than average for its class. No distinction would be made based on the vehicle’s country of origin.
In addition to promoting energy efficiency, the idea is to boost new car sales and get vehicles on the roads with updated safety features.
The program could cost as much as $4 billion and help retire at least 1 million older vehicles. Senior congressional aides and members of the Obama auto task force met earlier this month in search of the best way to pay for and structure it.
Toyota spokesman Charles Ing said his company wants legislation to apply to all fuel efficient vehicles and adhere to U.S. obligations under the World Trade Organization.
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