The Washington Post reported the National Association of Automobile Dealers (NADA) is cautioning its members not to take in anymore trade-ins under the popular "Cash for Clunkers" program -- fearing the government giveaway is running out of gas.
"As of Wednesday, transportation officials said, 435,102 transactions, worth about $1.8 billion, had been completed. But many dealers worry that they are still owed hundreds of thousands of dollars -- and in some cases millions -- for trade-ins they've already accepted."
I'm pondering sending my own clunker to the junk pile, especially as automotive companies are matching the $4,500 with their own rebates.
Cash for Clunkers shuts down Monday at 8:00 pm, already extended from its last deadline two weeks ago.
The Associated Press noted that the program has been daunted by its own success. No one expected the overwhelming response (burning through the first billion dollars in only a few weeks) -- and government works so slow that the administration of the monies hasn't been fully staffed yet.
This Huffington Post piece by Grant Cardone observed that auto dealers at least made the most of a direct stimulus package.
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