It looks like the Cash for Clunkers Program (Car Allowance Rebate System (CARS)) is inching closer to being a reality. Preliminary reports say that the program will be kicking off on Thursday, July 23 and continue until the funds delegated for the program are used.

You won't be able to debate for very long on whether cashing in your clunker is a good idea or not. The program is only funded until November 2009. You must read the fine print though, because the program has a lot of stipulations when it comes to which vehicles are permitted as credit towards your new car purchase.

Here are a few facts that you might want to consider before heading to the dealership:

• Cars, SUVs, Minivans, Pickups must have been manufactured in 1984 or later
• The combined Miles Per Gallon (mpg) of cars, vans, SUVs or pickups must be 18 mpgs or less
• You must purchase a new vehicle to qualify for the CARS program
• Vouchers for any vehicle qualified for the program range between $3,500 - $4,500
• You can combine voucher programs (For ex. Hybrid vouchers are still available for some models)

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