Some potential good news for the struggling auto industry: The New York Times reports the so-called “Cash for Clunkers” program has really taken off – so much so that it is completely out of money.
“About a quarter-million vehicles were sold under the program,” the Times reports, “which offered payments of $3,500 to $4,500 for people who traded in old cars for new ones that had higher fuel economy. The average payment worked out to about $4,000, and the total payout, about $1 billion, the amount allocated by Congress under the program, formally called the Car Allowance Rebate System, or CARS.”
The program was supposed to accept applications until the funds ran out, or November 1, according to the article.
Will Congress allocate more funds to continue this popular program? We’ll find out…