Is Cash for Clunkers right for you?

EUGENE. Ore. -- Its formal name is the Car Allowance Rebate System (CARS) more commonly known as Cash for Clunkers. You may have seen the many commercials for it on TV and the radio.

The program will take your old less fuel efficient car and give you up to $4,500 towards a new car with better gas mileage.

But there a lot of requirements.  

Here is a list of criteria your car needs to qualify:

• It has to be less than 25 years old
• 18 miles per gallon or less
• Driveable

You as a car owner also have to meet some requirements.

• Must be the owner of the car for at least a year
• Must have the car insured for at least a year
• Good enough credit to buy a new car

If your car is worth more than $4,500 or it's a newer car, this program may not be right for you.

"It's generating a lot of interest," John Kiefer at the Kiefer Kia dealership said. He said many people are coming in and asking questions, with as much as a 35 percent increase in foot traffic on the lot.

"We have those consumers who have just heard, hey I can get $4,500," Kiefer said.

If you have more questions, you can go to any dealership participating in the porgram.

The Better Business Bureau has also released a statement on this particular program.

You can also go to the Car Allowance Rebate's official website.