Cash For Clunkers Bankrupt!
So as I’m driving in to work this morning I hear on the that the Cash for Clunkers program I recently posted about is now basically bankrupt! I guess a lot of people thought it was a good deal. I wonder if this means that auto dealers and companies will be reporting record profits soon….
July 31st, 2009 in
Life
I wonder that, too. We decided not to take advantage of it with our 2003 Kia Sedona cuz we only owe one more payment on it and then we will be car payment free for awhile. Just wasn't a good enough deal to make us want to take on a new car payment.
According to the senator from Missouri, the money put into the program, $1 billion dollars, was enough to fund 250,000 cars. That's a lot of new cars on the road!
According to what I heard on the way home,
* The House passed a bill to pour more money into the program
* While 250,000 cars can be funded by the amount of the program, some of that is people that would have been buying anyway. The estimate that was given was only 40,000 cars which wouldn't have otherwise been sold.
* Unlikely to really get to record profit levels as a result