clunker

As of Friday, car buyers in the U.S. had signed deals to trade in 358,851 clunkers for new vehicles, getting rebates of up to $4,500 from the federal government.

Most of the trades have been pickup trucks and sport utility vehicles. The top 10 vehicles purchased by those making clunker trades:

The car rebate plan is trying to balance two very different objectives: saving Detroit and changing the habits of consumers.

Congress approved the "Car Allowance Rebate System" program last month to boost auto sales and attempt to retire some inefficient cars and trucks.

Here's a look at the program.

Got an old gas guzzler in the garage? Car shoppers can take advantage of new government incentives worth $3,500 to $4,500.

Owners can scrap their clunker in exchange for a new, more fuel-efficient vehicle, and lop off thousands of dollars from the sticker price.

Congress approved the "Car Allowance Rebate System," or "CARS," program last month to boost auto sales and attempt to retire some inefficient cars and trucks.

Here's a look at the program:

A concept embraced by President Obama as part his effort to save General Motors and Chrysler from collapse would provide cash to buyers of new fuel-efficient cars — if they traded in a clunker.