The highly successful Cash for Clunkers program has run its course and run out of funds. The program will end Monday, August 24, 2009.
As of Thursday, August 20, 2009, over 457,000 dealer transactions had been linked to this popular program.
Do you have duct tape holding your vehicle’s cassette deck to the dash? Does your odometer read 1,235 miles only because you’ve turned it over … twice? Do you wince every time you look at your gas gauge? Well, help is here in the form of a new bill signed into law June 24, officially known as H.R. 2346, the Consumer Assistance Recycle and Save Act of 2009 (CARS Act). Unofficially, the new legislation is known as Cash for Clunkers.
The basic idea here is that the government is offering a monetary incentive to trade in your old, inefficient vehicle (the clunker) for a new, more fuel-efficient model. In theory, this will help both the economy, by driving vehicle sales, and the environment, by taking gas guzzlers off the road and replacing them with more fuel-efficient vehicles.