For those looking at used cars in New York, new legislation could make the prospect of making a purchase much more reasonable.

Senator Dianne Feinstein recently announced a modified “cash for clunkers” program, designed to get less efficient cars off of the road, and the bill includes payments for those who are looking to make a used car purchase this year.

If the car to be traded in gets less than 18 miles per gallon and is from 2002 or later, buyers could get $3,000 dollars on a used car, a voucher that drops in value with the model year of the trade-in car, to a minimum of $1,500 for a car built before 1998.

Feinstein says the legislation is a response to the fact that lawmakers know they “face real challenges with trying to encourage drivers to trade in their older, less fuel efficient vehicles – particularly in this tough economic climate,” Senator Feinstein said.

Along with co-sponsors Senator Susan Collins and Senator Chuck Schumer of New York, she hopes that the bill will reduce greenhouse gas emissions, and use of between 40,000 and 80,000 barrels of oil a day.

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