The Cash for Clunkers law we’ve all been dreading passed both houses of Congress and was signed by the President yesterday. Although funding was reduced to $1 billion from its original $4 billion, and is limited to a four-month window, there’s still a lot of damage to be done.
Due to reasons we’ve outlined before, only 1984 and newer cars are eligible for the (up to) $4500 credit towards the purchase of a new car, which must get at least 4mpg more. The “clunker” must be crushed, no junkyard purgatory. You can strip off anything but the engine block, but we don’t expect many owners to do that. Basically, if you see a restored AW11 MR2 or FC RX-7 in your future, you’d better act quickly.
Some, like Hemmings, say this is just the beginning, a trial for something more destructive later on. We’ve been hitting the ‘yards every chance we get to amass parts for our JNC Wagon, a 1986 Cressida. It’ll be interesting to see if the pick-a-part population of these cars drops in four months from now.