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Congress Passes $2 Billion Extension; Buyers Have Weekend to Trade in Qualifying Cars in Cash for Clunkers Program

Cash For Clunkers has been extended. If you are one of the millions of Americans thinking that getting a new car through the Cash For Clunkers Program 2009 (otherwise officially known as the Car Allowance Rebate System (CARS)) was not to be, and you have one of the qualifying cars on the government's list, you may have been a bit premature in your thinking. The Cash For Clunkers Program is still extant. Check the qualifying cars list and head on down to your local car dealer.
The Cash For Clunkers Program 2009, which was funded for $1 billion has already reached its limit, been almost suspended, has been extended by Congress with another $2 billion. The Cash For Clunkers Program received an unprecedented and quick response, blowing through the billion-dollar funding in six days as people attempted to quickly cash in on the vouchers from the government worth up to $4500 on selected cars (clunkers). As part of the government's stimulus program, it was designed to provide an economic infusion into the ailing car manufacturing and dealership industries. And it just might have done that...

When rumors and news stories began to circulate that the government program was running out of money, White House press secretary Robert Gibbs, said, "Auto dealers and consumers should have confidence that all valid CARS transactions that have taken place to date will be honored."

The Obama administration began working desperately to add more money to the program. By Friday afternoon, they had secured additional funding. "If you were planning on going to buy a car this weekend," Gibbs said Friday, "using this program, this program continues to run. If you meet the requirements of the program, the certificates will be honored."

Gibbs went on to tell CNN, "This program appears to be a success for car buyers, car dealers, car companies and taxpayers."

What it comes down to is, if you want to buy a new car under the Cash For Clunkers Program 2009, you must own one of the qualifying cars (and it must run).

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Tags: Buyers Have Weekend, Cash for Clunkers Program, Congress Passes $2 Billion Extension, Trade in Qualifying Cars

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