The "cash for clunkers" program is only about economic stimulus. Energy use benefits are slight and carbon emissions may be worse over the life of the vehicles when one factors in carbon costs associated with vehicle manufacture and energy saving expected in new vehicles a few years out. But an economic stimulus probably makes sense - I does get a lot of money into the economy quickly.
There are energy using objects that make enormous sense to replace. Incandescent lights with compact fluorescents almost always make sense for example On a larger scale getting rid of an inefficient refrigerator and having the old refrigerant properly disposed of will make a real dent in your personal green house gas emissions and will probably save you a non-trivial amount on your electric bill. Some states, including NJ, have programs that give a bit of cash for your old refrigerator and even cart it away.
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