The US Government just released a statement that the Cash for Clunkers Program will end Monday, August 24th, at 8pm EST. So far, the Cash for Clunkers program has used $1.9 billion worth of vouchers and is on pace to use the entire $3 billion pot of money by early September.
The Cash for Clunkers Program has generated more than 457,000 new vehicle sales, sending just as many “clunkers” to the scrap heap. By all accounts, the Cash for Clunkers program has been a large success and has helped pump billions of dollars into the economy by creating new vehicle sales and thousands of jobs.
Is this really the end of Cash for Clunkers?
The Cash for Clunkers program was previously suspended when it ran out of funds, causing Congress to push for an emergency bill to add more money to the program. The program was originally funded with $1 billion dollars and was scheduled to run until November 2009 or until the money ran out – whichever happened first. However, many dealers stopped accepting Cash for Clunkers trade-ins when it was rumored the program was out of money, so Congress funded the Cash for Clunkers program with an additional $2 billion.
This time around there is a definitive ending time for the Cash for Clunkers Program, and program officials have stated they will honor all eligible deals that occur before the deadline. Since dealers shouldn’t have to worry about their vouchers being honored, there should be some good deals this weekend!
Cash For Clunkers to End – Trade in your Clunker before time runs out
If you are still trying to decide whether or not to take advantage of the Cash for Clunkers deal, you need to make up your mind quickly. Obviously, you shouldn’t buy a new car if it will stress your finances. But if you were on the fence, now may be your last chance to get such a good deal.
- First, you need to verify your vehicle qualifies for the Cash for Clunkers program.
- You also need to be sure you meet other Cash for Clunkers requirements.
- Find an eligible new vehicle. You can get free new vehicle quotes at Yahoo! Autos.
Shop wisely. Buying a new car is a big event, so be sure to shop around and get multiple car quotes before signing on the dotted line. Since you may be in a time crunch, I recommend getting new car quotes over the internet for convenience and to save time.
More thoughts about the end of Cash for Clunkers:
- Now You See It… Cash For Clunkers Ends.
- Cash For Clunkers Ending Monday – Toyota and Honda profit much more than Ford and GM.
- Cash For Clunkers Program Is Dead Again. Gas Guzzler Trade-In Program Ends Monday.