Late on Thursday, July 6 the Senate approved and the President signed into law, an additional $2 billion for the Cash for Clunkers program. Most are speculating that this will be the last of the program, as Congress won't likely sign off on anymore cash to keep it going.

So what does this mean for you? Well if you have a vehicle that not more than 25 years old on the turn in date and gets less than 18 miles per gallon, and you are willing to buy or lease a brand new vehicle which gets at least 18 miles per gallon on average, you are in luck. You will receive between $3,500 and $4,500 from the government to help you purchase your new car. Beware, if your car is worth MORE than the $3,500 or $4,500 (the amount depends on your new car mpg versus your old car) then you should trade your car in through other channels because this program will not be valuable to you.

Whether or not you think this program is a prudent move by our government, you may still want to take advantage of the cash for a new, more environmentally sound car.