The hugely popular Cash for Clunkers or CARS program ended Monday night at 8:00 pm. Though the rebate system resulted in over 700,000 old, gas-hungry vehicles being traded in for an equal number of efficient, brand-new cars and trucks, many dealers are still scrambling to file the proper paperwork involved in getting their deals approved. According to the Department of Transportation, as of Early Monday, over $2.58 billion worth of deals had been approved for processing – leaving just $42 million to be claimed by dealers nationwide. Fortunately, the deadline for filing has been extended to Noon, EST Tuesday, August 25 – just a few hours away.
While some analysts are afraid the massive amount of vehicle sales generated by the Cash for Clunkers program may result in something of a sales “hangover”, both manufacturers and the government say the stimulus was a success. Most manufactures have plans to boost production for the remainder of the year to replenish stock sold during the brief CARS program. That translates into more work at auto plants around the country.
Many have said the Cash for Clunkers program has done much to stimulate the economy beyond the automotive industry. Banks were required to OK the loans, and many dealers took on extra help to process the staggering amount of paperwork necessary for each CARS deal. While there’s some buzz about possibly renewing the program later down the road, for now, lawmakers, dealers and manufacturers are simply enjoying the success.
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