On day one of Cash for Clunkers, 4,000 old cars poured in. Then, the pace really started to pick up.
The Detroit News reports, "More than 10 percent of money in the $1 billion "Cash for Clunkers" pot was claimed in the first days of the incentive program. The National Highway Traffic Safety Administration said that, as of Wednesday afternoon, dealers had submitted requests for reimbursement for vouchers of up to $4,500 on 22,782 vehicles, for a total of $96 million"
If you're ready to trade in your old car for a new one, contact local dealers to start the process.
Motor Trend adds that the actual number of cars accepted under the program could be higher, since many dealers complete deals on the assumption that the cars will qualify, and some "dealers that say they are having trouble accessing the funds." Program architects expect the $1 billion in funding Congress set aside for CARS to contribute to approximately 250,000 sales.
However, the Hartford Examiner notes, "With about 30-thousand car dealerships nationwide, each would need to average just 10 clunkers to exhaust the program."
The government has set up a countdown calculator on Cars.gov, the website devoted to the program, to track the funds as they are spent. This morning, it shows $858 million remaining for cars, and $74.5 million for commercial trucks.
The accelerating pace of clunker sales has some advocates talking of adding more funding to the program. Rep. Candace Miller (R-Mich.) told the Detroit News, "It appears that these funds could actually run out in a matter of weeks." In a letter to colleagues asking for a funding extension, she wrote, "Having this program last for only a few weeks would limit this program's potential and disenfranchise a number of consumers who wish to take advantage of the program by turning in their inefficient vehicle for a new, more fuel efficient model. This program has the possibility to truly jumpstart our economy."
If you're interested in the Cash for Clunkers program, check out our Cash for Clunkers page. If you're ready to buy, contact local dealers. For the latest news on the program, check out Cash for Clunkers news.
