Last Updated Jul 24, 2009 10:10 AM EDT
This morning on The CBS Early Show, Maggie Rodriguez and I discussed 5 catches of the CARS program and 3 smart strategies to employ if you're thinking about participating.
In the end, the program is not by itself a good reason to cash in your older car. You must first make sure that you can afford to purchase a new car and/or absorb the new payments associated with it. Also, for many, it will be more advantageous to sell your clunker outside of the rebate program and use the cash to buy a new car.