The “Cash for Clunkers” program that we told you about on June 19 has received a shot in the arm in almost-last-minute actions by the House and Senate. They approved an additional $2 billion to continue the unexpectedly popular rebate program through Labor Day.
Opponents of the program feel like:
Richard Shelby, the top Republican on the Senate Banking Committee, said the program “has squeezed months of normal activity” into a short period of time.
But NPR’s Planet Money pointed us to at least one couple who wouldn’t have bought a new car if it weren’t for the program.
And though rebates are reportedly difficult to process, dealers and automakers love the program:
“There is no question that ‘cash for clunkers’ has succeeded,” said Dave McCurdy, chief executive of the Alliance of Automobile Manufacturers, the chief trade group for General Motors Co, Chrysler LLC, Ford Motor Co, Toyota Motor Corp and other big carmakers.
Have you participated? If so, were you going to buy a new car, anyway?
“Cash for clunkers” gets a $2 billion boost, John Crawley, Reuters, August 7, 2009