Get cash for your clunker

Uncle Sam wants to put you in a new car. A so-called "cash for clunkers" bill - just passed by the House - provides money to trade in that gas guzzler for a new, more fuel-efficient car. The bill now goes to the Senate.

1) What's in the bill

The program would offer vouchers that allow consumers to save up to $4,500 on a new-car purchase. There are also various credits, for trucks and work trucks. Here are some requirements according to the House version of the bill. The old car must get 18 mpg or less city/highway combined while the new car must get at least 22 mpg city/highway combined.

The vehicle must be registered/insured under your name & in use for at least one year. And the car purchased must cost $45,000 or less. However, cars that have not been insured for the past year or those that are older than 25 years are not eligible to be traded in for vouchers.

These eligibility requirements vary depending on whether you’re getting vouchers for a light duty truck or a work truck.

2) Criticism

One of the biggest criticisms is that it’s not very environmentally friendly. Getting 22 miles per gallon isn’t exactly a gas-sipping car. Secondly, not a lot of cars will qualify for the trade in. Here are some examples of cars that would be eligible according to Edmunds.com: the 1990 Cadillac DeVille; 1991 Dodge Grand Caravan; 1990 Dodge Ramcharger and the 2004 Chevy Tahoe.

3) How it will work

First, you’ll want to see if you qualify. Get your car’s Mpg rating on the window sticker, or go to fueleconomy.gov. Once your car qualifies for a trade in and the car you’re buying is eligible for the program, there will be an electronic transfer of funds from the government to the dealer. The voucher amount would be credited as all or part of the down payment on a qualifying new car.

So far as we know, the vouchers will only be available for new car purchases, not used car purchases.

The program would last about a year and it’s expected to generate up to 1 million new car purchases. Experts say that the earliest we could see this program in action is October.

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