Still, some consumers say they will buy a new vehicle as soon as they can before the federal money runs out.
Billy Hix of Oklahoma is one of them. He usually buys used cars and drives them until they're ready for the scrap heap. "We're pretty frugal," he says.
Today, he plans to exchange his 1995 Rodeo with 160,000 miles on it - worth about $750 - for a new 2009 Toyota Highlander. His old beater qualifies for a $4,500 incentive, reducing his new vehicle's price to $22,300.
About the 'Cash for Clunker' program
* Your vehicle must be less than 25 years old on the trade-in date
* Only purchases or leases of new vehicles qualify
* Generally, trade-in vehicles must get 18 miles per gallon or less (some very large pickup trucks and cargo vans have different requirements)
* Trade-in vehicles must have been registered and insured continuously for the full year preceding the trade-in
* Find more details at www.cars.gov
Source: National Highway Traffic Safety Administration
