Monday, August 24, 2009

Cash for Clunkers Nearing a Stop Sign

Posted By on Mon, Aug 24, 2009 at 11:28 AM

If you're still thinking about trading in your gas-guzzler, time is running out. The government's $3 billion Cash for Clunkers program ends today at 7 p.m.

The program was designed to help consumers buy or lease a more fuel-efficient and environmentally friendly vehicle, as well as provide a boost to the economy.

(The environmental benefits have been questioned, however, with some people saying the benefits in air quality are not cost-effective. Having heard stories of what people traded in and what they got instead, I have to say that I 'm not sure I disagree.)

There are reports of some dealerships around the country having sold their entire inventory.

As of last week, 450,000 vouchers had been submitted by dealers for a total of almost $2 billion. After a big weekend, those numbers are up to 625,000 vouchers and $2.6 billion.

Only about $140 million had been approved in payments to dealers as of last week, however, leading to some concerns about the timeliness of government reimbursements.

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