The Cash For Clunkers Program initiated by Congress this year is a great step in rebooting the auto industry and maybe even our economy. However, after spending 96 million dollars in less than a week buying back “clunkers” the government might be reluctant in continuing this program.
Originally, the Cash For Clunkers program was allotted $1 Billion dollars to buy back gas guzzling autos that averaged less than 23 miles per gallon. Each person would then be given a $4,500 credit when purchasing a new car after trading in their “clunker.”
Many consumers have complained about the tedious process that doubles the paperwork and stiffens negotiations when buying a car. Granted most are getting more than what their car’s blue book is worth, it definitely comes at a cost. The government is currently rethinking the entire program and even contemplating suspending it indefinitely.
Comments
k
July 31st, 2009 - 1:13:19 PM
It doesn't matter if they dole more money. They problem is still the backlog. Read this article: The Real Reason for the "Cash for Clunkers" Suspension. The ex car salesman blog shares exactly why they stopped the program. Even reports that some sales managers are calling asking for the money back because they were denied the rebate when the final paperwork was submitted but their car was already ruined by dumping a solution in the engine. They now have no car. Scary. See: http://tinyurl.com/ml9sdo
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