Its official, Cash for Clunkers is a hit. Dealerships throughout the country are being inundated with prospective car buyers anxious to send their clunkers to the junkyard for up to $4,500 in government issued rebates. But with two months still left for the Car Allowance Rebate System (CARS), is the White House ready to pull the plug on the program?
The government has already issued $96 million of its $1 billion budget for the program in just one week, as a result of nearly 23,000 auto sales. That is not including the vast number of sales still waiting for approval. In fact, more than 250,000 sales may be waiting for approval if early estimates are correct, which alone could cost the government more than $1 billion.
If you would like to read the full AP article on the potential halt to CARS, click here. If you would like to learn more about CARS and other auto rebates, you can read our previous post here.
UPDATE: It looks like CARS may be safe for now. Learn more by reading this article from the NY Times.
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