Soon, that old car or truck could be worth thousands if you plan to buy new.

You've been hanging on to your car.driving it until it falls apart before getting a new one. .It might be time to let it go.

Congress approved the "Cash For Clunkers" bill last Thursday. .now it awaits President Obama's signature.

The bill is aimed at reducing the number of low fuel efficiency vehicles on the road as well as spurring new car sales. The offer could be worth up to $4,500 in trade-in credit. The old car must be drivable. If not, it might be worth a few hundred dollars to get it fixed to receive the vouchers. The vehicle must also be registered and insured in your name for at least one year. It can't be more than 25 years old. The old clunker must also have a combined fuel efficiency of 18 miles per gallon or less.

Mike Williams of Rolling Hills Auto Plaza about what the program could mean to him and his customers. He says he thinks it's a great idea that buyers will be able to get q substantial amount of money for their old vehicle when purchasing new. Williams also thinks it's good that an emphasis is being placed on fuel efficiency.

The bill is scheduled to go into effect on July 1st, but it will take some time for the government and the dealers to get organized.

For more information about the offer, including how much you might benefit from it, click here.