Cash for Clunkers Extension
August 7, 2009 by Jennifer Chait
Filed under save-money
You may remember me posting about the whole Cash for Clunkers program recently. Well, the program was really popular, so popular that President Obama signed a bill Friday morning to extend the program. According to CNN, Obama noted, “Now, more American consumers will have the chance to purchase newer, more fuel efficient cars and the American economy will continue to get a much-needed boost.” Cash for Clunkers ate up an initial $1 billion in funding in its first week (crazy).
So far critics worried that car shoppers would use the program to mainly purchase trucks but in reality, compact cars and hybrids have been the top sellers so far; not a huge shock with the economy in the tank and gas being as expensive as ever. Ford Focus, Toyota Corolla and Ford Escape have been popular choices for buyers.
If you’d like to take advantage of the program, read about the basics then sign up fast. This extension is a cool deal but not everyone was for a program extension and on Thursday, Sen. Carl Levin, D-Mich noted that this clunkers extension is likely the last Congress is willing to give.
What a bummer– I’ve never bought a car with poor mileage, so this won’t apply to me. In fact, we need to buy a minivan, which will be even less fuel-efficient than the car it will replace. Grrrr!
Charity car donation is being hurt by cash for clunkers since many of the clunkers would have been donated instead of turned in for a voucher. The c4c cars are being destroyed no matter what condition they are in. It seems a terrible waste to destroy a car that is in good shape.
I agree. They’re crushing cars that could be resold or donated. And I have to wonder how many people are getting themselves into a payment that they can’t afford.
My van is still running but has a few issues and I’m sure it would quality as a “clunker”.