Senate Approves an Additional $2 Billion, Keeping Cash For Clunkers Alive
Rejoice! Cash for Clunkers received a refill of an additional $2 billion with the Senate’s 60-37 vote for the wildly popular incentive program, keeping the collective hopes alive for some 500,000 prospective new car owners. Under obvious pressure from the Obama Administration, the Senate acted swiftly to nullify any chances of stalling the program, which has given the auto industry a much needed boost. Analysts expect the additional capital to last until Labor Day, although the program is still scheduled to run until October 31st, 2009.
Autoblog states that Detroit’s big 3 have received nearly half of the CFC pie, with Japanese makes coming in at 36.5% of all CFC sales.
Ford’s Focus is on fire, taking the #1 spot for vehicles purchased via a CFC-approved trade-in. And it’s easy to see why, with the Focus getting a solid 24 mpg in the city and a whopping 35 mpg on the highway. Couple that with the eye-opening starting price, and you have one of the best deals going.
If you were initially on the fence about buying a new car, it’s time to make the jump, because if our memory serves us well, just a few short weeks ago, “experts” believed that the the program would never run out of the money. Labor Day is September 7th, less than 5 weeks away. Act fast, if you have a clunker that meets the Cash for Clunkers criteria, without a shadow of a doubt, NOW is the best time to trade it in and get a brand-new, safer, more fuel-efficient car.
