In a bid to get inventory moving out of showrooms in a hurry, Chrysler has decided to offer a new incentive program that would double the value of the government's cash-for-clunkers program.
Chrysler will offer $4,500 off (or 0 percent financing for 72 months) on most of its 2009 inventory - excluding the Dodge Challenger, Sprinter, Jeep Wrangler and all SRT products. The $4,500 incentive is even available on vehicles that do not meet the requirements for the cash-for-clunkers program, which was recently signed off on by President Obama.
Cash-for-Clunkers, or CARS (Car Allowance Rebate System) gives a $4,500 rebate on a new car when it gets 10 mpg or more better fuel mileage than the one traded in. The rebate is $3,500 on vehicles that get 4 to 9 mpg better or trucks that get 2 to 4 mpg better.
Chrysler, now under new leadership from Italian automaker Fiat is hoping the incentive will help sales rebound. Chrysler has been hit particularly hard this year with sales down 45.7 percent for the first six months.
When combined, these two offers mean a $17,090, Dodge Caliber SE could leave showrooms for as little as $8,090.
Chrysler's "Double Ca$h for Your Old Car," incentive starts July 23 and runs through August.
More: New Chrysler Incentive Doubles Cash-for-Clunkers Rebate