Cash for Clunkers Likely to be Extended Until September
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.
My Recommendation for Car ShoppersTrueCar No-Haggle, CarsDirect, and NADAGuides are the quickest way to see the lowest car prices in your area. These sites show you no-haggle prices from dealers closest to you - and the deals are usually really good. This should be the first step you take when negotiating your car price. Follow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid