CBS has a new web site called MoneyWatch.com. It provided this story:
Here are five catches for Cash for Clunkers you may not have heard about:
- Your clunker must be road-ready with at least a year’s insurance history in your name.
- It must be less than 25 years old.
- The vehicle you buy must be new, not used.
- If you want to lease the new car, the contract must be for at least five years.
- The manufacturer’s suggested retail price (MSRP) of the vehicle you buy can’t exceed $45,000.
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