Clunkers program generating buzz

INDIANAPOLIS (WISH) - Are you driving around in an old clunker? If so, the federal government will give you cash if you trade it in for a new car.

The government program essentially gives car owners a credit for trading in their older, less fuel efficient car for a new one. The cash from the used cars goes towards the purchase of a new car. The buyer may also utilize any rebates or deals offered on a new car.

Tim Weko, sales manager at Bill Estes Chevrolet, said the program will be beneficial for car sales and customers.

"It's an opportunity for you to get $3,500 to $4,500 for a car that really may be worth nothing,” said Weko. ”The government is doing it to help stimulate new car sales but also to get lower mileage per gallon cars off the road.”

Under the program, car owners receive a $3,500 credit if their old car gets 18 miles per gallon or less and they purchase a car that gets 22 miles per gallon or more. The credit increases to $4,500 if the new car gets more than 28 miles per gallon. The miles per gallon requirements are lower for trucks and SUVs.

Weko said the program has sparked interest in customers and said buyers have been coming in to take advantage of the program.

"We actually sold a car under the program yesterday. We have a customer coming in tonight to do it. I'm sure other dealers are finding the same response.”

The so-called cash for clunkers program runs through October or until the money runs out. The government allocated one billion dollars towards the program.

There are a few requirements. First, your car must be less than 25 years old and it can't get more than 18 miles per gallon. It has to be drivable and it has to be registered and insured for at least the past year.

For more information check out cars.gov