The Car Allowance Rebate System (CARS), known as Cash For Clunkers is in need of more money due to its popularity. The program was designed get old less fuel efficient cars off the road and replace them with more fuel efficient cars. Car buyers can trade in their old cars that meet certain guidelines for a $3500-$4500 credit towards the purchase of a new one (see our original article here for more information)
The Associated Press is reporting that the $1 Billion program which was designed to run until November 1st is running short of funds after less than a week. The US Congress is scrambling to find some new fast funding for this wildly popular program.
Rick Newton from Bruner Auto Group in Brownwood said,”We have been assured that the program will continue even past the $1 billion.” When asked how Bruner is handling the current situation, Newton said,”As of now, its clunkers as usual.”
Earlier today, the US House approved another $2 billion to help continue the program. Car dealers should continue to honor the program until they are told otherwise. Check with your local dealer for more information.
