Will Cash For Those Clunkers Run Out Soon?
At this rate, we’ll all be broke by Labor Day! Actually, it’s true – according to Left Lane News, “If people keep trading in their clunkers for cash at this rate, the Government will run out of money by Labor Day.”
With more than 16,000 old cars traded in for $3,500 to $4,500 vouchers so far, the Cash for Clunkers program has been gaining significant ground – and prompting some calls in Congress for additional funding to be added to the program. If current interest levels continue, the funding will be gone by early September, well before the November deadline.
As of earlier today, 16,351 cars and trucks had been purchased under the program, the National Highway Traffic Safety Administration said. There is funding for about 250,000 new car purchases, each of which will qualify for either a $3,500 or $4,500 rebate.
NHTSA says that about $69 million of the $1 billion allocated has been spoken for so far. Interest is expected to decline over time.
Fearing that the funding would run out well before the end of the program, a Michigan congresswoman has sent a letter to congressional leaders asking them to add more funding to the program.
“It appears that these funds could actually run out in a matter of weeks,” Harrison Township, Michigan, Republican Representative Candice Miller wrote.
We get the feeling those Federal EPA “last minute changes” which took place may be only the first of many the Cash For Clunkers Act. In order to keep money flowing for Clunkers the Government may put a smaller cap on how much they’ll dole out for that 93 Mercury Topaz.
Source: Left Lane News
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