Err, nope. Cash for Clunkers was aimed at stimulating new car sales and (hopefully) many of those vehicles would be more fuel efficient than the ones junked. Recall that the scheme was put in place in 2009, just after the banks nearly flushed the whole economy.
Worked out well for my buddy with a first model Dodge Grand Caravan that was nickel and dimeing him on a regular basis. He had already bought his wife an SUV so the Dodge went to have the motor filled with glass and he bought a new 4-banger Altima. It rode nicer than the Dodge, was quieter, and used about half as much gas on his commute. He wa a happy camper.
Reminds me of a funny SNL skit back in the day.
Chinese honcho to O: "You know you can't pay back your debt in clunkers."