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Kip Tips

Last Chance to Get Cash for Your Clunker

After almost running out of money earlier this month, then getting an infusion of funds from Congress, the government's wildly popular cash-for-clunkers program will end at 8 p.m. August 24, according to the U..S. Department of Transportation. 

That doesn't mean you have until the clock runs out to take advantage of the program, officially known as the Car Allowance Rebate System. That 8 p.m. Monday deadline applies to dealers, who must submit their paperwork to the government by then to get reimbursed. Some dealers already have stopped participating.

The program provides rebates up to $4,500 for trading in an old gas guzzler for a new, more fuel-efficient vehicle. If your car is worth more than that, don't bother rushing to a dealership this weekend to take advantage of the program. You'll probably get more money selling your car on your own (see Three Tips for Safely Selling Your Car Online). 

But if your clunker isn't worth much, first see if it qualifies for the program. Then check out this great list of questions and answers about the program from The New York Times.