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Cash in your "clunker" for a new ride

July 23, 2009 12:00:00 AM PDT
President Obama's new program called "Cash for Clunkers" is meant to stimulate new car sales.The program begins on Friday.

The program entails getting less-efficient cars off the road. If you turn in your old car, which has to have a fuel economy of 18 miles-to-the-gallon or less, for a car that gets at least 22 miles per gallon, you could save $3,500. If you improve your fuel economy by ten miles per gallon, then you will get $4,500 off your new car.

Chrysler is matching the offer on most of its Chryslers, Dodges and Jeeps through August 31, which means a possible total savings of $9,000.

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