It's a program designed to get old cars off the street and stimulate auto sales.
The Car Allowance Rebate System, also known as "Cash for Clunkers", provides credits to buyers who want to lease or purchase a new automobile.
But who really qualifies?
Buyers either qualify for a $3,500 or $4,500 voucher. The amount depends on the type of vehicle you purchase and the difference in fuel economy between the purchased vehicle and the trade-in vehicle. Different requirements apply for work trucks.
Chevrolet dealer Steve Hinchliff says there are several Web sites to help calculate that. On www.Cars.gov, the program's official Web site, your trade-in must be less than 25 years old, have a new combined city/highway fuel economy of 18 miles per gallon or less, be driveable and be continuously insured and registered to the same owner for at least 12 months.
"It has to always be in your name, it can't be mom's or dad's car, can't be a friend's car, can't be a car you just bought," says Hinchcliff.
The program is only good towards new vehicles and includes foreign and domestic makes. The price of new vehicle cannot have a manufacturers' retail sticker above $45,000 and must have a combined fuel economy value of at least 22 miles per gallon. It varies, but it is less for trucks.
"In almost every case this was somebody who was not in the market, it's somebody that the program is bringing to the market so because of that, this program is selling cars," says Hinchcliff.
The program runs through November 1st or when the funds are exhausted, whichever comes first.
