Cash for Clunkers Nearing a Stop Sign


1 comment

If you're still thinking about trading in your gas-guzzler, time is running out. The government's $3 billion Cash for Clunkers program ends today at 7 p.m.

The program was designed to help consumers buy or lease a more fuel-efficient and environmentally friendly vehicle, as well as provide a boost to the economy.

(The environmental benefits have been questioned, however, with some people saying the benefits in air quality are not cost-effective. Having heard stories of what people traded in and what they got instead, I have to say that I 'm not sure I disagree.)

There are reports of some dealerships around the country having sold their entire inventory.

As of last week, 450,000 vouchers had been submitted by dealers for a total of almost $2 billion. After a big weekend, those numbers are up to 625,000 vouchers and $2.6 billion.

Only about $140 million had been approved in payments to dealers as of last week, however, leading to some concerns about the timeliness of government reimbursements.

Keep the Flyer Free!

Always independent, always free (never a paywall),
the Memphis Flyer is your source for the best in local news and information.

Now we want to expand and enhance our work.
That's why we're asking you to join us as a Frequent Flyer member.

You'll get membership perks (find out more about those here) and help us continue to deliver the independent journalism you've come to expect.


Showing 1-1 of 1


Add a comment