Cash for Clunkers

A term used to describe a program that allows car owners the ability to trade in their old, less fuel-efficient vehicle in exchange for a more fuel-efficient vehicle. Although commonly referred ro as 'cash for clunkers,' the formal name for the program in the U.S. is the Car Allowance Rebate System (CARS). The CARS program gives people who qualify a potential credit of up to $4,500 depending on the vehicle purchased. CARS was signed into law by President Obama and will be administered by the National Highway Trafic Safety Administration (NHTSA).

Source: http://www.investopedia.com/terms/c/cash-for-clunkers.asp