Friday, July 31, 2009

"Cash For Clunkers" Planned Scrapped; Program Sent To Junkyard Where It Belongs!

As of midnight ET, the Chevy is still running TV and radio ads in the New York metro market.

This entire program was a disaster from the start. Visit the official site for all the complicated details. Apparently, the anticipated two-month incentive program has run out of money after just over a week or so.

Newsweek did a good job explaining the details and how it's a raw deal for car buyers.

Breitbart reports:

WASHINGTON (AP) - Congressional officials say the government plans to suspend the popular "cash for clunkers" program amid concerns it could quickly use up the $1 billion in rebates for new car purchases.

The Transportation Department called congressional offices late Thursday to alert them to the decision to halt the program, which offered owners of old cars and trucks $3,500 or $4,500 toward a new, more fuel-efficient vehicle.

The congressional officials spoke on condition of anonymity because they were not authorized to speak publicly.

Through late Wednesday, 22,782 vehicles had been purchased through the program and nearly $96 million had been spent. But dealers raised concerns of large backlogs in the system, prompting the suspension.

Michelle Malkin adds these nuggets:

Good thing they junked it. Alan Reynolds at Cato explains how easy it was to use “Cash for Clunkers” to buy a gas-guzzler.

Good riddance to Fraud on Wheels.

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