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After several fits and starts, it appears that the program will be funded for the foreseeable future.

If you intend to utilize this program, it is essential that you first visit http://www.fueleconomy.gov . This is the government website that lists the requirements and eligible vehicles. Many folks have completed deals and driven home in their new cars, only to find out a few days later that the car they "sold" for clunker money did not qualify for the program.

The key element of this program that buyers must be aware of is that the vehicle they purchase must be NEW. If it gets 4 mpg more than the 'clunker', it qualifies for a $3500 rebate, 10 or more and the rebate tops out at $4500.

With this insistence on selling new cars, the threat of massive depreciation losses comes into play. In other words, in exchange for giving the new car biz a shot in the arm, there will be tens of thousands of buyers doomed to negative equity and future financial hardship.

There are some opportunities here for savvy buyers and potential hazards for others. If, after taking stock of all the factors in play and doing your research correctly, you decide this is for you, remember the most important rule of all:

DON'T BUY A 2009 VEHICLE!

Dealers will do their very best to convince you to take these aging units off the lot--it's their job--but what they can never do is offer you a discount equal to a year's depreciation. By purchasing a vehicle that is about to age a year, you will negate the entire amount of clunker money and rebate money and likely even more. A model-year will always carry massive weight in resale value, particularly down the road a few miles.

Many brands have 2010 models on the lot today, with many more on the way. You have to insist on buying only the newest model.

Folks whose personal circumstances have changed have a great opportunity to take advantage of these monies. Kids grown? Out of the house? This may be a good time to unload that minivan your friends tease you about.

Folks who are interested in a sub-$17k vehicle can lower their payment to an easily manageable level. A first car for older teens and students is ideal for this situation. Scion comes to mind as a hip and stylish option, and is a slow depreciator as well.

Kia, and some other brands, are offering a manufacturer incentive of several thousand dollars on certain brands. Between these two factors, you might be still be near actual value after a year! Not two, though.

Folks who are looking for a Toyota Prius have an opportunity to get a rare 'discount'. What can we say? Prius recently held near original retail value for over two years, a sublime performance. Also, going from a MPG 'clunker' to a 'best mileage ever' Prius should grant you induction into the Carbon Footprint Hall of Fame.

It will be easy for some folks to be blinded by what seems like a check for thousands of dollars being handed to them. It really [B]would[/B] be a check for thousands of dollars if it included used vehicles as a purchase option. As this bill is written, the objective is not to help out bill-challenged consumers. Not at all.

Buyers should be careful not to bite off more than they can chew. These additional monies will enable folks to purchase vehicles they otherwise might not qualify for. For more on how this dynamic can lead to difficult circumstances for buyers and banks and others, google 'worldwide financial crisis and real estate meltdown of 2008'...

Many folks happen to love their clunkers, which is often NOT a 'clunker' at all. It is either highly useful or powerful or both.

If you love it, keep it! $3500 is not going to seem like a lot of money when you are trying to get up that hill, the one you used to JUMP over just like them Hazzard boys.