Cash for Clunkers attracting buyers

LAFAYETTE, Ind. (WLFI) - If you think your old car is worthless, think again. You could get up to $4,500 for it!

Bring in your old gas guzzler car and you can get up to $4,500 back toward your purchase of a new car. The program officially started today and is already getting a lot of interest from the public, but not all cars qualify.

"A certain mileage is going to get $3,500 and then a certain better mileage is going to get up to $4,500," said Bob Rohrman auto group general manager Tony Eichholz.

If your car was made between 1984 and 2009, gets 18 miles per gallon or less, has been insured and registered in your name for a year and is running, you can get at least $3,500 toward the purchase of a new car.

Eichholz said the program's purpose is to stimulate the economy and take gas guzzlers off the road for good.

( Read about why some auto recyclers are doubtful about the program )

"The government has stressed that this is a clunker bill which means this car is not eligible to be driven again. Once we take this car in on trade, it goes to the salvage yard. And the salvage company has to destroy the engine," said Eichholz.

The money from the Car Allowance Rebate System or CARS can be combined with dealer incentives for even more savings.

"Say you wanted a new G6, we have zero percent for 60 months, you get $4,500 worth of rebate, you get special GM discount, that gets you another several thousand dollars and then you can get either $3,500 or $4,500 from the US government right on top of that," said Mike Alsop.

Mike Raisor Ford General Manager Mike Alsop said people have been waiting to take advantage of the new program since it was announced a month ago, even though it didn't officially start until Friday.

"We've already done 12 here at this location and several of our other locations so we've probably done 20 so it's rather interesting," said Alsop.

The government has set aside $1 billion to fund this program. When the money ends, so does the program. And Alsop said while it was scheduled to run through November, he doubts it will last that long.

"I don't know that it will make it through the next three or four weeks," said Alsop.

( Read more: Some dealers are saying it may last only 10 days )

The new car you purchase with the clunker money must not exceed $45,000.

To find out if your car qualifies you can ask a local participating dealer or Click Here