Want to Trade up in Gas Mileage and Get a $4,500 Credit?

Reader Contribution by Ramsey Cox

The Car Allowance Rebate System, formerly known as the Cash-for-Clunkers bill, takes effect today, July 1.

Yesterday, President Barack Obama signed the bill into law that pays consumers up to $4,500 in credit for trading in their cars or trucks for more fuel-efficient vehicles. The $1 billion program is overseen by The National Highway Traffic Safety Administration.

Details of how the plan will be rolled out are still being discussed. The full release is expected by July 24, but cars purchased between July 1 and Nov. 1, 2009 (if the funds do not run out before that) will qualify.

Here are some requirements listed from the CARS program website:

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