Latest Economy Boost - KTEN.com - No One Gets You Closer

Latest Economy Boost

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The program puts $1,000,000,000 up for grabs, and local dealers are banking on people in this area to take advantage of the offer by trading in their old clunker and driving home with a new vehicle for thousands of dollars less that it would have cost them before.

It's known as "Cash for Clunkers," and it officially rolls out on Friday.     

If you have a car less than 25 years old, gets 18 miles per gallon or less, is still drivable, and has been owner by you for at least one year, you may be able to get up to $4,500 to purchase a new vehicle.     

Local dealers are hopeful the program will boost Texoma's economy.

Blake Utter, with Blake Utter Ford says, "The more government money that we can get in this area, the more money we'll have to spend and that means I'll be spending it at restaurants, stores, and other places like that."

Luke Bonner, with Team Bonner says, "It's definitely going to stimulate something. We just hope it stimulates enough here locally to help us out."       

The program officially kicks off July 24th and will last until $1,000,000,000 in rebate credits are reported or November first, whichever comes first.

Vanessa Bolano, KTEN News.