Lesson in Economics - Econ 101 - Page 1

Economics Professor

Vehicle must be less than 25 years old on the trade-in date. Only the purchase or 5 year minimum lease of new vehicles qualify. Generally, trade-in vehicles must get a weighted combined average rating of 18 or fewer miles per gallon (some very large pickup trucks and cargo vans have different requirements). Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in. Trade-in vehicles must be in driveable condition. The program requires the scrapping of the eligible trade-in vehicle and that the dealer disclose to the customer an estimate of the scrap value of the trade-in. The scrap value, however minimal, will be in addition to the rebate, and not in place of the rebate. The new car bought under the plan must have a suggested retail price of no more than $45,000, and for passenger automobiles, the new vehicle must have a combined fuel economy value of at least 22 mpg. This is our economic government and it's minions at work. The person who calculated this bit of information is now and has been a professor at the University of West Virginia for 40 years.