July 31, 2009

Cash for Clunkers already out of money

The US "Cash for Clunkers" government incentive program has already blown through the $1 billion in funding. That means there are already nearly 250,000 new cars sold via the program. The program just started in July and its already out of funds within a month. I guess thats a success. Last I had heard some people were talking like it wouldn't work or that nobody could find cars to exchange that even qualified. It doesn't necessarily mean the program is over, the government is talking about securing more funds. We'll see.

2 comments:

  1. Actually, I don't think they ran out. They used something like 10% of the money in one week. But there was also a huge backlog and the administrators of the fund were afraid they would run out. So they put it on hold. But the White House said no, it wasn't on hold, they were just assessing options.

    Who knows...

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  2. You can only imagine the turmoil this little fiasco is causing here in Detroit!

    ReplyDelete

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