A "Cash for Clunkers" federal program, which gives consumers a tax break for trading in their old car for a new, more fuel-efficient vehicle, is making its way through Capitol Hill.

The Consumer Assistance to Recycle and Save and Act, aka "Cash for Clunkers," if approved by the Senate and signed by President Barack Obama, will offer vouchers that allow consumers to save up to $4,500 on a new-car purchase. The plan could temporarily fix a few problems. For one, the newer cars will be more fuel efficient — and therefore easier on your pocketbook and kinder to Mother Earth. Second, it aims to stimulate the faltering automobile industry. Lawmakers foresee that the program will boost between 500,000 to one million new-car purchases; however, the car industry analyst website Edmunds.com thinks the figures are inflated.

"A program intended to stimulate new-car sales should target people in the market for a car, but the program does not," asserted Edmunds.com CEO Jeremy Anwyl. "The only people who qualify are those willing to take no more than $4,500 for their current car and immediately buy a new one — quite a narrow profile."

Anwyl makes a good point that Uncle Sam will only be providing a max of $4,500, which might not be worth it for some consumers. Edmunds provides a breakdown of how Congress priced the vehicles, based on size and miles-per-gallon. (See chart below.) Edmunds also compiled a list of all eligible trade-in vehicles, which you can find by clicking here (pdf).

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