I think it is basically the vehicle can't be older than 1984 and you have had to have insurance and registration on it for a year.
(Kind of funny the logo on the NPR program talking about the program features a 1978 for truck, which would not qualify)
So, I could buy a stripped down Ranger pickup for $10,000. I could trade in my 1984 service truck, which is in pretty rough shape, for $4500. I would have a new, fuel efficient truck for $6,000, with low interest and low payments.
It would be a good idea in advance of the coming inflation as the economy collapses from unbridled government spending. I would be paying for it with worthless dollars so my payments would be lower.
I could state my feelings towards Obama buying GM by not buying a GM product.
But, I would have payments. I don't want payments for a vehicle. If I have payments I want payments for property.... Think I may pass on this one.
Especially when I think about the fact that this $4500 is really my money that I will be paying in taxes over my future life. So, it is really double payments-I'm just paying uncle sam instead of the bank...