Government Stops Cash For Clunkers Program
The government has decided to put an end to the newly launched Cash For Clunkers program.
image via Huffington Post
Why? It seems that the program was indeed stimulating. People have rushed out to get rid of their old gas-guzzling clunkers and replaced them with newer more fuel -friendly cars since the program launched just last Friday. In fact, it is estimated that over 22,000 cars were purchased via the Cash For Clunkers program and since each qualified car receives about $3,500 to $4,500 per rebate, this amounts to some $96 million dollars already vested through the government program. The alloted monies was $1 billion dollars.
So Congress and the auto dealers are wanting to make sure neither gets the short end of the stick, so to speak. A hold has been placed on the program till the massive backlog of purchased cars are on record, accounted and paid for.
RIP! Cash for clunkers.
via My Fox Chicago
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