"Cash For Clunkers"

A Billion dollar government incentives program aims to help an ailing auto industry, by putting you in a new car.

The program doesn't officially begin until July 24th but the government has been allowing dealerships to honor the rebates since July 1st.
Terry Bell with Eastern Shore Toyota says it won't only benefit the auto industry, it gives customers a bargain.
"Oh it's a huge savings. I mean you're looking at a $100..$125 dollars a month in monthly payments.You saw the Corolla when you came in...it's $13,000 and you could get it down to $8,000 if you have one of these cars that qualify."

So how do you qualify? For one, your vehicle must get no more than 18 miles per gallon.
If that's the case you could get up to $4,500 in cash, only to be applied to a new fuel efficient vehicle.
Your vehicle must also have been insured for at least a year and it can't be older than 25 years old.

The government is still ironing out the details of the program. They want to prevent any abuse or fraud.
The federal agency has tentatively launched a website where you can get further information. You can find it here.