The federal government’s “cash for clunkers” program ends Monday. I predict that Western North Carolina car dealerships will be swamped this weekend. Could be a story there. I shot this photo outside Hunter Volvo on Patton Avenue.
From Bloomberg.com:
Aug. 20 (Bloomberg) — The U.S. “cash for clunkers” vehicle trade-in program, credited with reviving auto sales and criticized by dealers for slow reimbursements, will close on Aug. 24, Transportation Secretary Ray LaHood said.
The clunkers plan, which offers auto buyers discounts of as much as $4,500 to trade in older cars and trucks for new, more fuel-efficient vehicles, has recorded more than 457,000 dealer transactions worth $1.9 billion in rebates, the Transportation Department said in a statement today.
The deadline will give car dealers and buyers time to complete purchases and submit applications for rebates from the remainder of the $3 billion provided by Congress, the department said. Dealers have complained of difficulty running their businesses while awaiting payment in the program, and the agency said it’s adding workers to help process claims faster.
“This program has been a lifeline to the automobile industry, jump-starting a major sector of the economy and putting people back to work,” LaHood said in the statement.
3 Comments
What a joke.
Cash for Clunkers – that should be the name of a new fundraising campaign for the Buncombe County Democrats!
The primary goal for the C4C program was to move new product. On that note, it succeeded.