Car Allowance Rebate System

The Car Allowance Rebate System (CARS), colloquially known as "cash for clunkers", was a $3 billion U.S. federal scrappage program intended to provide economic incentives to U.S. residents to purchase a new, more fuel-efficient vehicle when trading in a less fuel-efficient vehicle. The program was promoted as a post-recession stimulus program to boost auto sales (which had declined due to the 2008 financial crisis, the Great Recession, and the 2008–2010 automotive industry crisis) while putting more fuel-efficient vehicles on the roadways.

Source: Wikipedia — Car Allowance Rebate System (CC BY-SA 4.0)