The Cash for Clunkers program is finally here.  The New York Times reports, "After all the talk, debate and anticipation, the Car Allowance Rebate System (C.A.R.S.), better known as ‘cash for clunkers,' finally kicks off with a press conference this morning by the transportation secretary, Ray LaHood."  The program will offer Americans up to $4,500 toward the purchase of a new, more fuel-efficient car when they trade in an older, less fuel-efficient car. 

The official rules for the program were released on Friday.  They largely resembled what the press has been reporting for months, with a few minor surprises. While "clunkers" still must be rated for 18 mpg or less in order to qualify, Automobile Magazine explains, "Consumers and dealers must use the newer fuel efficiency ratings NHTSA instituted in 2008, rather than the original ratings from the vehicle stickers. NHTSA also said the manufacturer's suggested retail price of the new vehicles being purchased must be no more than $45,000, but options will not count toward that price."

"After many months of agonizingly slow sales, automakers and dealers are anxiously counting on the cash-for-clunkers program," writes Time Magazine, "to help clear their lots."  Auto sales are currently "less than 10 million units annually - the lowest level in more than three decades," with most major automakers facing bottlenecks of inventory they need to sell off as quickly as possible.  Dealers feel the time pressure most acutely, as "the start of the 2010 model year is only a couple of months away - it officially kicks off Oct. 1 - and once that happens the sea of 2009 models now sitting on dealer lots will suddenly depreciate."

Car shoppers, meanwhile, are hunting for a good deal.  USA Today reports, "Some shoppers find their vehicles are worth more than a CARS voucher. But with unexpected value in their used cars, they're still in a mood to buy."

The program officially lasts until November 1, but could end earlier if it runs out of money.  Advocates had originally asked Congress to set aside $4 billion in funding, but received only $1 billion- so an early end is a real possibility.

If you're interested in the Cash for Clunkers program, check out our Cash for Clunkers page, and our rundown of the best Cash for Clunkers deals. If you already know which car you want, you can contact local dealers here.  For the latest news on the program, check out Cash for Clunkers news.