If you’re not familiar with Cash for Clunkers (aka the “Car Allowance Rebate System“), then you should catch up on the news. It’s all over the place. It’s simple: trade in a qualifying older, not-so-fuel-efficient vehicle and get a government rebate towards the purchase of a new, more fuel efficient vehicle. It’s not perfect, but it’s wildly popular right now.

Well, Conan O’Brien made a fantastic offer on The Tonight Show: trade in your earth-killing jalopy for a Lexus HS10 Hybrid sedan. The catch? Conan is going to “blow up” your old car! (Check out the video clip on Hulu from the show.)

Conan wants people to send in videos of their terrible car and why they deserve the new Lexus. The winner gets their car blown up with massive amounts of explosives, and they get a new Lexus! The official name of the contest: Conan, Please Blow-Up My Car!

This is all of course a promotion for the new Lexus HS10, which indeed looks like a very nice car. If you watch the video clip above, they give a little overview of the car. It is loaded with technology. Maybe too much technology: it has a mouse to control all the electronics! The car is a hybrid, but because of it’s big, powerful engine, it gets a fuel efficiency of about 35 mpg.

So, if you have a real beater that is too old to qualify for the Cash for Clunkers program, Conan O’Brien might be a good alternative.