New legislation proposed to Congress may allow owners of gas-guzzling older vehicles to trade them in to get cash for the purchase of a newer vehicle. This is great news for anyone looking to swap their car for more fuel-efficient New York used cars.

The legislation, dubbed “Cash for Clunkers” is aimed at removing older, lower gas mileage vehicles from the road and replacing them with cars with better fuel efficiency ratings.

According to the Associated Press, the new law could save 40,000 to 80,000 barrels of fuel each day by the end of its fourth year.

Drivers could be eligible for up to $4,500 for their vehicle, which could then be used to purchase a newer used car. However, vehicles must have a suggested retail price under $45,000, must be drivable, 2004 or older and get less than 18 miles per gallon.

Maine senator Susan Collins, a co-sponsor of the bill, said it “would reduce our dependence on foreign oil, decrease greenhouse gas emissions and stimulate the economy,” according to the AP.

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