Richmond Toyota
5601 National Road East Richmond, IN 47374Sales: 888-848-7311
- Service: 888-850-8129
President Obama signed into law a program National Highway Traffic Safety
Administration (NHTSA) is calling the Car Allowance Rebate System (CARS). This
is a government program that helps you purchase a new, more fuel efficient
vehicle when you trade in a less fuel efficient vehicle.
Important Things to Know
Q. Is the credit subject to being taxed as income to the consumers?
A. The CARS Act expressly provides that the credit is not income for the consumer.
Q. What new vehicles may be acquired under the CARS program?
A. The new vehicle must have a manufacturer's suggested retail price of not more than $45,000. That price appears on the
window sticker on new vehicles.
Q. May I lease, instead of purchase, a vehicle under the CARS program?
A. Yes. The credit given for trading in an eligible vehicle may be used to offset the cost of leasing a new vehicle.
Q. Can I combine this credit with other government incentives?
A. Yes. You can combine this with other State and Federal incentives, such as the hybrid vehicle credit.
Q. Why is fuel economy important?
A. Buying a fuel efficient vehicle is important because it can:
Important Things to Know
- Your vehicle must be less than 25 years old on the trade-in date
- Only purchase or lease of new vehicles qualify
- Generally, trade-in vehicles must get 18 or less MPG (some very large pick-up trucks and cargo vans have different requirements)
- Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in
- You don't need a voucher,Richmond Toyota will apply a credit at purchase
- Program runs through Nov 1, 2009 or when the funds are exhausted, whichever comes first.
- The vehicle that you are trading in is required to be destroyed.
Q. Is the credit subject to being taxed as income to the consumers?
A. The CARS Act expressly provides that the credit is not income for the consumer.
Q. What new vehicles may be acquired under the CARS program?
A. The new vehicle must have a manufacturer's suggested retail price of not more than $45,000. That price appears on the
window sticker on new vehicles.
Q. May I lease, instead of purchase, a vehicle under the CARS program?
A. Yes. The credit given for trading in an eligible vehicle may be used to offset the cost of leasing a new vehicle.
Q. Can I combine this credit with other government incentives?
A. Yes. You can combine this with other State and Federal incentives, such as the hybrid vehicle credit.
Q. Why is fuel economy important?
A. Buying a fuel efficient vehicle is important because it can:
- Save you money
You can reduce fuel costs each year by choosing the most efficient vehicle that meets your needs. - Reduce greenhouse gas emissions
Carbon dioxide (CO2) from burning gasoline and diesel contributes to global climate change. You can do your part to reduce climate change by reducing your carbon footprint. - Improve energy security and reduce oil dependence costs
Our dependence on oil makes us vulnerable to oil market manipulation and price shocks. - Increase energy sustainability
Oil is a non-renewable resource, and we cannot sustain our current rate of use indefinitely. Using it wisely now allows us time to find alternative technologies and fuels that will be more sustainable.