Senate Approved $2 Billion More for ‘Cash for Clunkers’ CARS Program
This evening the U.S. Senate voted to approve the bill adding $2 Billion in additional funding for the CARS ‘Cash for Clunkers’ program. President Obama is expected to sign the bill, identical to the bill that passed the House last week, into law soon.
This funding gives consumers and car dealers more time to satisfy the demand generated by this bill. According to MotorTrend.com, “Over 150,000 vouchers have already been processed and the original $1 billion in funding was projected to cover roughly 250,000 total vouchers for $3,500 or $4,500 each. The additional $2 billion should provide enough funds for up to 750,000 trade-in vouchers, though it remains to be seen how many are ultimately redeemed.”
The $2 billion of funding to support the CARS bill will be reallocated from a renewable energy loan guarantee program funded under the stimulus package enacted last February. Congress has said they intend to replenish the Department of Energy money transferred.
The program was originally scheduled to end November 1, 2009, but could still end sooner if the additional $2 billion fund is exhausted. If you have been considering buying a new car under the Cash for Clunkers program, you should probably act quickly and shop during the month of August.
Related Posts and Articles:
Time for a New Car? Save Money with CARS ‘Cash For Clunkers’ Program
Senate Passes CARS Funding Bill, Cash for Clunkers Gets $2 Billion Boost (08/06/09, MotorTrend.com)
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