Morning Money Matters: Cash for Clunkers

January 16, 2009; News 12 This Morning

A plan is in the works to help you replace your gas guzzler with a more fuel efficient car, and the government could help foot the bill.

It's called the "Cash for Clunkers" program.

Lawmakers have already introduced the bill in both the United States House and Senate. It says drivers could get vouchers of up to $4,500 when they turn in their old fuel inefficient vehicles and buy vehicles that get good gas mileage. People could also receive vouchers for use on public transportation.

The thought behind all of this is that taking gas guzzlers off the road would reduce dependence on foreign oil, decrease greenhouse gas emissions, and stimulate the economy. The program would operate for about four years. Experts think it could encourage people to retire about one million vehicles per year. With that logic, this could save between 40,000 and 80,000 barrels of fuel a day by the end of the fourth year.

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