Cash for Clunkers Suspended
Did it sound too good to be true? Well it was the government has suspended cash for clunkers only two days after it began. Apparently they didn’t think to fully fund the program and under the fear that the dealers would not be paid the Department of Transportation quickly suspended the program before it really even got started. Where is all the money Uncle Sam? The original target of 250,000 vehicles was reached by midnight Thursday. So basically they spent that Billion overnight! So buying a new car is back out of fashion and get back into your clunkers and drive them!
(Source: NYT)
One Comment so far ...
It is amazing that ‘cash for clunkers’ would be this successful this quickly. Any doubt that the CARS program would jump-start auto sales is completely erased. Dealers are required to immediately junk the trade-in cars under the program by disabling the engines.