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The Car Allowance Rebate System (CARS), also known as the "Cash for Clunkers" program, was a stimulus program that was implemented by the U.S. government in 2009. The program was designed to provide financial incentives to consumers who traded in their old, fuel-inefficient vehicles for new, more fuel-efficient vehicles.
The CARS program was implemented in response to the economic recession that began in 2008, and was intended to stimulate the economy by boosting auto sales and encouraging consumers to purchase more fuel-efficient vehicles. The program provided consumers with a rebate of up to $4,500 when they traded in their old vehicles for new ones that met certain fuel efficiency standards.
The CARS program was highly successful, and resulted in the trade-in of over 700,000 vehicles. It was credited with helping to boost auto sales and stimulate the economy, and was praised for its environmental benefits, as the new, more fuel-efficient vehicles resulted in reduced greenhouse gas emissions. The program ended in 2009, but has been credited with helping to pave the way for the development of other fuel efficiency and environmental initiatives.
