Here are a few points about the program:
- Your vehicle must be less than 25 years old on the trade-in date
- Only purchase or lease of new vehicles qualify
- Generally, trade-in vehicles must get 18 or less MPG (there are different requirements for large trucks and cargo vans)
- Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in
- You don't need a voucher, dealers will apply a credit at purchase (credit amount is $3,500 or $4,500)
- Program runs through Nov 1, 2009 or when the funds are exhausted, whichever comes first.
- The program requires the scrapping of your eligible trade-in vehicle (destroying the engine so that it can never be used again), and that the dealer discloses to you an estimate of the scrap value of your trade-in.
Here are additional links to some of the automakers' websites regarding Cash for Clunkers: