One of Barack Obama’s early promises when he became President of the U.S.A. was a ‘Cash For Clunkers’ program that would see generous savings on new, fuel-efficient cars offered to people trading in their old, environment-unfriendly automobile.

The ‘Cash For Clunkers’ program has begun today (July 27) although it’s officially known as the Car Allowance Rebate System (CARS). 16,000 auto dealers across the States have signed up to be a part of the program.

The program runs until Nov. 1, with any vouchers not used by then expiring. The government has set aside $1 billion to finance the scheme, although more money could be added to the pot if demand is high.

The program, which could see a typical consumer save up to $4,500 on the purchase of a new car, has dual aims: the help the auto industry and the economy as a whole, and to help the environment. So let’s hope it’s a success.