Cash for Clunkers Likely to be Extended Until September
The "cash for clunkers" program has been so successful, they basically ran out of funds after only the first week.
Many dealers have been hesitant to continue the program since they're the ones responsible for collecting the rebates from the government. They don't want to be left with thousands of dollars in unpaid vouchers.
The House already approved an additional $2 Billion to continue the program, and all that's needed now is Senate approval which we believe will pass by the end of the week.
In the meantime, you may want to hold off trading in your car until after the Senate approves the additional funds. Although unlikely, they may insist on certain changes to the program which could come back to bite you if you do a deal now.
Whatever you do, do not write the dealer a check for the rebate amount in case the voucher doesn't go through. You could end up losing the rebate that way. Just wait and make sure the Senate approves the additional funds before proceeding with the program. It's very likely they will do so.
With the additional $2 Billion in funds, the program is expected to last until Labor Day.
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- Gregg Fidan
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About: Gregg Fidan
Gregg Fidan + is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.
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