Own a Clunker? It's TimeTo Do the Math for the Cash

DON'T MISS: CASH FOR CLUNKERS GUIDE - Includes Qualifying Cars and Trucks
DON'T MISS: New Cars for Under $150 per month

Washington DC July 1, 2009; The AIADA newsletter reported that Uncle Sam is almost ready to help you turn that clunker into a down payment on a new car.

The Wall Street Journal reports that the much-anticipated federal Cash for Clunkers program signed by President Barack Obama last week won't last long.

But this could be a buying opportunity for consumers who have good credit and can afford the note on a new car, but who for whatever reason are nursing along an aging vehicle that got only 18 miles per gallon or less in combined city-highway driving when it was new and is now worth less than $4,500.

The National Highway Traffic Safety Administration is still working on the precise rules that will govern the program, but has until July 24 to get the paperwork done. This is one of those times when the Internet will be the consumer's best friend.

Someone who wants to trade a clunker for a new car must buy one that gets at least a combined 22 mpg. There are different, and less restrictive, rules for large light-duty trucks and heavier "work trucks."

The program is scheduled to expire Nov. 1—unless the money runs out first, or Congress gives in to the appeals from car makers to make the program bigger.

To read the Wall Street Journal's entire coverage on how consumers can find information on the program, click here.