The U.S. Senate passed a bill called cash-for-clunkers on Thursday which will provide cash vouchers of up to $4,500 to car owners who are willing to sell their old vehicles and trade them for new car or trucks with greater fuel efficiency.

The program will be authorized from July 1, to November 1, 2009 with $1 billion in federal funding.

It is expected to help the economy by boosting sales in the auto industry and help the environment with more fuel efficient vehicles.

Below are the requirements for the trade-in vehicles unveiled by the office of Senator Debbie Stabenow.

• Be in drivable condition

• Be continuously insured and registered to the same owner for at least one year

• Have a combined fuel economy value of 18 mpg or less (Work trucks must be pre-2002 regardless of mpg)

• Not be more than 25 years old with historic or aesthetic value. These vehicles are valued by hobbyists or are a valuable source of restoration parts.

New vehicles

• The new vehicle must have a manufacturer's suggested retail price of less than $45,000

• Passenger Cars: The older vehicle must get 18 mpg or less. New passenger cars with mileage of at least 22 mpg are eligible for vouchers. If the mileage of the new car is at least 4 mpg higher than the old vehicle, the voucher will be worth $3,500. If the mileage of the new car is at least 10 mpg higher than the old vehicle, the voucher will be worth $4,500.

• Small Trucks and SUVs: The old vehicle must get 18 mpg or less. New small trucks or SUVs with mileage of at least 18 mpg are eligible for vouchers. If the mileage of the new truck or SUV is at least 2 mpg higher than the old vehicle, the voucher will be worth $3,500. If the mileage of the new truck or SUV is at least 5 mpg higher than the old vehicle, the voucher will be worth $4,500.

• Large Light-Duty Trucks: The old vehicle must get 18 mpg or less. New large trucks (pick-ups and vans weighing between 6,000 and 8,500 pounds) with mileage of at least 15 mpg are eligible for vouchers. If the mileage of the new truck is at least 1 mpg higher than the old truck, the voucher will be worth $3,500. If the mileage of the new truck is at least 2 mpg higher than the old truck, the voucher will be worth $4,500.

• Work Trucks: Under the agreement, consumers can trade in a pre-2002 work truck (defined as a pick-up truck or cargo van weighing from 8,500-10,000 pounds) and receive a voucher worth $3,500 for a new work truck in the same or smaller weight class. Only 7.5 percent of the total funds can be used for vouchers for the purchase or lease of a work truck. There are no EPA mileage measures for these trucks; however, because newer models are cleaner than older models, the age requirement ensures that the trade will improve environmental quality. Consumers can also “trade down,” receiving a $3,500 voucher for trading in an older work truck and purchasing a pick-up or van weighing between 6,000-8,500 lbs.

• The mpg values are EPA combined city/highway fuel economy as posted on the window sticker of new vehicles and can be found at fueleconomy.gov.

To see a list of the models that are eligible for a $4,500 cash voucher check a list compiled by consumer's website Edmunds.com.