Mexican Cash-for-Clunkers program announced by Mexican President Felipe Calderon

Mexican President Felipe Calderon has announced a Cash-for-Clunkers program for buyers wishing to trade their cars in for something locally produced. So far, 500 million pesos ($37M USD) have been set aside for the program, but Calderone has reportedly said the subsidy could be doubled to one billion if the program proves successful. New car buyers will be given 15,000 pesos ($1,100 U.S.) for the cars they turn over to recycling depots or junkyards, and they can apply that to cars worth up to 160,000 pesos ($11,760 U.S.). Eligible vehicles include those built in Mexico or imported by any of the seven companies that have assembly plants in the country.