Cash For Clunkers Suspended??

Cash For Clunkers Suspended???

The cash for clunkers program was overly popular.  In fact, it was too popular that many believed the $1 billion budget for rebates may be gone in a week. The transportation department officials alerted lawmaker’s offices for a plan to suspend the cash for clunkers program.   However, white house officials said that it has not been suspended and they’re currently assessing their option. The guys as the White House would like to keep the program funded.

According to yahoo news, as of late Wednesday, about 22,782 vehicles had been purchased through the program which translates to about $96 million of the fund has been spent.

There is also a huge backlog in the processing of cash for clunkers deals and people are not entirely sure how much of the $1 billion funding is still available in the program.

I guess this cash for clunkers stimulus program is working as it should. People are indeed buying cars to upgrade their old ones and this would probably save the auto industry.

It’s nice to hear that people are now letting go of some of their money to help pump the economy. Let’s hope that the cash for clunkers suspension will not materialize and the lawmakers add some more funding.

Automobiles with better gas mileages help the economy because there will be less petrol needed to drive the same amount of distance, as well as save the environment due to better fuel economy and newer cars that does emit less smoke and greenhouse gases.