Cash for Clunkers Program

Chances are, this info may not be helpful to my readers, but I've been asked about the qualifications for the government's new Cash for Clunkers program.

Here are some of the basics:

• First off, it is only available for the purchase of "new" cars, not used cars.
• To be eligible, your car must have been made within the last 25 years, insured by the same owner for at least one year prior to trade in, and have an official fuel mileage economy rating of under 18 mpg. To find out your car’s efficiency rating visit http://www.fueleconomy.gov/
• For Passenger Cars: New passenger cars will qualify under the program only if they have a fuel economy of at least 22 MPG. If the new model gets four more miles to the gallon than the old car, you qualify for the $3,500 credit. With a 10 MPG improvement or more, you can qualify for a $4,500 credit.
• For Trucks and SUVs: For light trucks, SUVs and minivans, the new vehicle has to get at least 18 MPG and can offer as little as a 2 MPG improvement over the old one to qualify for $3,500. With a minimum 5 MPG improvement, you can qualify for $4,500.

The old car gets "trashed." It cannot be resold, so if your trade-in value is more than the voucher you would qualify for, then you are better off not participating in the program.

Bad Credit Car Loans

If you have bad credit, InstantCarLoan.com can help you get the car you need.

Applying is simple, and you get approved before you leave home, and you'll know how much you can spend, and what your payment will be, before you even step foot on a car lot.

If you need auto financing, then check out InstantCarLoan

Top Used Family Sedans

MyRide.com rates the Top 10 used car family sedans.

Their Top 10 List of Used Family Sedans:

1. 2001-2002 Honda Accord - Price range: $9,750-11,250
2. 2002-2005 Toyota Camry - Price range: $11,250-16,250
3. 2003-2005 Honda Accord - Price range: $14,250-17,250
4. 2004-2005 Toyota Prius - Price range: $20,250-23,250
5. 2005 Honda Accord Hybrid - Price range: $21,250-21,250
6. 2001-2002 Mazda 626 - Price range: $6,250-$7,000
7. 2004-2005 Chevrolet Malibu - Price range: $10,250-11,250
8. 2001-2004 Saturn L 100/200/300 - Price range: $7,250-$10,250
9. 2004-2005 Hyundai Elantra - Price range: $9250-10,250
10. 2002-2005 Mitsubishi Lancer - Price range: $7,250-13,250

Best used Cars for Gas Mileage

Found a nice article where Consumer Reports lists the top used cars for gas mileage.

Here is their list for the best cheap (under $10,000) used cars that get the best gas mileage:

• 2000 Honda Insight (manual transmission)
• 2001-03 Toyota Prius
• 2000-05 Toyota Echo
• 2003 Honda Civic Hybrid
• 1999-2001 Acura Integra LS (manual)
• 2004-05 Scion xB
• 1999-2000 Toyota Corolla LE
• 2004-05 Scion xA
• 2007 Hyundai Accent GS (manual)
  
  

Best Used Cars Under $5,000

Found an interesting article at Edmunds.com regarding the best cheap used cars (under $5000.) It may take some searching to find one, but they say the deals are out there.

• 1994-2001 Acura Integra GS-R
• 1985-'94 Chevrolet Camaro/Pontiac Firebird
• 1984-'96 Chevrolet Corvette
• 1986-2004 Ford Mustang
• 1997-2001 Honda Prelude
• 1990-'98 Mitsubishi Eclipse GS-T/GSX and Eagle Talon TSi/TSi AWD
• 1990-2000 Mazda MX-5 Miata
• 1989-'98 Nissan 240SX
• 1998-2001 Subaru Impreza 2.5 RS
• 1991-'95 Toyota MR2

Best Small Cars for the Money

According to Forbes.com, these are the

10 Best Small Cars for the Money:

• Honda Civic
• Honda Fit
• Nissan Versa
• Toyota Yaris
• Chevy Cobalt
• Mazda 3
• Chevy Aveo
• Volkswagen Jetta
• Volkswagen Rabbit
• Nissan Sentra

Can You Still Get Car Loans?

I've been asked if car loans are available due to the recent Wall Street problems.

I've spoken to a couple of my used car buddies about this, and they all say the same thing...

"Yes, auto financing is still available!"

According to them, the recent economic problems affecting the mortgage industry has not affected the automobile finance industry. The same rules and qualifications still apply for auto financing, and loans are readily available as always.

Hurricane Ike Cars

Be careful when buying a used car in the Dallas area. There will probably be an influx of used cars coming to Dallas from the Houston / Galveston area soon. You'll want to be sure that the car you are looking at wasn't flooded at some point.

Check These Things Out to Check for Flood Damage:

• Feel under the seats and behind the dash for mud or dirt. These are hard to clean spots that might indicate possible flood damage.
• Have the windows rolled up, and let the car sit in the sun for a bit. Then smell inside the car. If you smell a musty odor, that's a possible sign of water damage.
• Check all the electronics. Electronics are particularly susceptible to water damage. Make sure the radio, all the power windows, door locks, wipers, heat and air, and other electronic components are working properly.

Best Times to Buy a Car

There are certain times of the year that are better than others when going to buy a car. These tips don't only apply to new cars, but to used cars as well.

The Best Times of the Year to Buy a Car

• End of the Model Year - Right before the new models come out, (usually September) is a great time to shop for a car. Dealers want the "old" models gone, so you can't compare prices, since the new models will undoubtedly cost more.
• Holidays - Dealerships always run sales, and offer incentives (rebates, special financing, etc.) during long holiday weekends.
• End of the Month - Salespeople at car dealerships have monthly quotas they need to fill, and of course, they need a little more money on that monthly paycheck too. The end of month is a great time shop on the used car lot.
• End of the Calendar Year - Dealerships have to pay taxes on every car on the lot as of the close of business on December 31, so doing a little post-Christmas car shopping could get you a good deal.

Worst Resale Value Used Cars

Here's BankRate.com's list of used cars that don't hold resale value, meaning when you go to trade them in a couple years, they ain't worth much:

• Lincoln Town Car
• Chevrolet Uplander
• Kia Spectra
• Suzuki Reno
• Kia Rio
• Hyundai Accent
• Suzuki Forenza
• Kia Optima
• Chevrolet Malibu Classic
• Hyundai Entourage