The U.S. House approved the "cash for clunkers" legislation earlier today, paving the way for consumers to snag up to $4,500 for trading in their older vehicles for new, more fuel efficient transport.

The bill, which passed 298-119, drew overwhelming support from automakers, local business groups and dealers who claimed the passage could boost sales – further aiding GM and Chrysler's "reinvention" – during the economic downturn.

Although politicians and pundits are sure to weigh-in on the merits of the bill, the specifics appear clear: if your car gets 18 mpg or less and you trade in for a new vehicle the achieves at least 22 mpg, you receive a $3,500 voucher, or $4,500 if the mileage of the new vehicle is 10 mpg higher than your previous heap. SUV, pickup truck and minivan buyers are eligible for a $3,500 voucher if their vehicle gets at least two mpg higher than their trade-in and $4,500 if the vehicle gets five mpg more than their older model. The vehicle has to have been insured for the last year and there is no trade-in value beyond the voucher. The program is also available for leases. Dealers are required to provide proof that the vehicle (1984 MY or later) has been crushed or shredded, and the government estimates that around 25 million vehicles are eligible.

For Passenger Cars
If you have a passenger automobile not classified as a truck you qualify for a $3,500 credit if you trade in a less efficient vehicle for one with a combined fuel economy value at least 4 MPG higher that costs less than $45,000. The passenger car being trading in has to get 18 MPG or less, meaning you can't trade in a first generation Prius for an older one. Additionally, the new vehicle has to get 22 MPG or better. In order to qualify for $4,500 you need to trade in a vehicle that gets 10 MPG better combined.

For Light Duty Truck And SUVs
If you decide you want to trade in your category 1 light truck or SUV you need to find a new vehicle capable of getting a combined MPG of better than 18 MPG. If the new vehicle gets 2 MPG better you're eligible for $3,500. If you want the full $4,500 you need to find a new truck capable of getting a combined mileage 5 MPG higher.

For Heavy Duty Trucks And Vans
If you have a large Class 2 truck you're eligible for a $3,500 voucher if you trade up for one capable of getting at least 15 MPG combined and gets 1 MPG combined. For $4,500 the new vehicle will also have to provde performance 2 MPG or better than the trade in.

For Work Trucks
The best you can get for trading up to a Class 3 truck, also referred to as a medium-duty work truck like the GMC Topkick, is $3,500. In order to get this voucher you need to be trading in a vehicle with a model year older than 2001 for a new truck of smaller or similar size. Because of recent federal regulation changes, it's assumed the new truck is going to have a higher fuel economy.