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Cash for Clunkers Ends on Monday at 8PM
The federal government’s Cash for Clunkers program began on July 24th and, and has been doing very well, but unfortunately it will officially end next Monday night (August 24th) at 8PM. The announcement came in today by U.S. Transportation Secretary Ray LaHood.
As of today, C4C program has reported 457,476 sales that total $1.91 billion in rebates. The feds estimate about $400 million worth of rebates have yet to be submitted. This leaves $600 million that is still left in the budget, which promises to be a very busy weekend for the dealers.
During this program there was a mixed bag of emotions. Some dealers were very excited over the amount of cars they were selling and on the other hand, there were many dealers that were angry regarding their applications for reimbursement were either rejected or not approved on time by the government.
This has been great run for many dealers, but come October 1st when the first sales report after Cash for Clunkers has to come out, what will they show? Will the sales fall drastically without any government incentives, or will they stay the same? I guess we will have to wait and see. Till then, if you need a car, this may be your last chance to get your hands on the government incentives!
Source: Detroit News
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