The federal “cash for clunkers” program is funded for approximately 250K vouchers of $3,500 or $4,500 to pay for older, less fuel-efficient vehicles to be replaced by new ones. Vouchers will be available soon but will probably be gone long before the November 1, 2009, expiration of the current program.
Background
$3,500 voucher new car must be at least 4 mpg more efficient than old one
$4,500 new car must be at least 10 mpg more efficient than old one
$3,500 voucher new truck must be at least 2 mpg more efficient than old one
$4,500 new truck must be at least 5 mpg more efficient than old one