The “Cash for Clunkers” progarm is soon coming to an end, some two months prematurely.
The Department of Transportation has announced that the “Cash for Clunkers” program is running out of money again, and so, it will be brought to an end on Monday, August 24th.
Dealers across the country are bracing for the final big clunk this coming week-end. This notwithstanding that, several dealers in the New York had withdrawn from the program a few weeks ago, given delays in receiving reimbursement from the government.
The program, which gives consumers up to $4,500 in credit for trading in their gas guzzlers, has seen over 450,000 in sales of new cars since July 24th.
“It has been successful beyond anybody’s imagination,” President Obama said on Thursday in a radio interview. “And we’re now slightly victims of success because the thing happened so quick, there was so much more demand than anybody expected, that dealers were overwhelmed with applications,” Obama said.
Similarly, Transportation Secretary, Ray LaHood heralded the program’s success which he said had given a boost to the ailing U.S. auto industry and the economy, more generally.
Buyers will have up until 8:00 p.m. est, on Monday, August 24th to submit their application and the needed paper work, for reimbursement.
The Cash for Clunkers program was funded to the tune of over $3 billion which was spent over a one month period. There is no suggestion by the government that the program will be re-started again anytime soon.
