Cash For Clunkers Not Gone Yet
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The buzz over the government’s cash-for-clunkers program has been extraordinary. It has surpassed the pessimism of skeptics who thought this program will not work. In just the past week, many car owners have traded in their clunkers for a more fuel efficient vehicle.
The car commercials swarming the televisions offering the program certainly played a major role in its success. In less than one week, the CARS (Car Allowance Rebate System) as exhausted the $1 billion budget that was set to run until November 2009.
Yesterday night served to be a hectic one for government officials to try to get more money to fund this very popular program. With President Obama’s unequivocal support for the program, the U.S. House has voted to infuse another $2 billion to keep Cash-for-Clunkers alive.
Ford has reported a substantial increase in sales since the program has started. This has proven to be a well-received stimulus plan for the auto companies and the economy.
The program will probably play a big part in the revival of the automobile industry. Plus, the government probably won’t let the momentum drop off as we are heading towards economic stability. It may be a great time to get that new ride and to fain a little more interest in investing in the troubled auto companies.
Photo credit: ames sf
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