There is a lot of chatter on twitter today about how much money is left under the $4500 to $3500 rebate program commonly known as Cash for Clunkers or CARS. According to our friends who are watching this program closely there is approximately $858 Million left, but over 65% of the sales have still not been reported.
That means roughly 30% of the $1 Billion budget is still available if estimates are correct.
That means $700 Million dollars inflated-worth of clunkers are now off the streets within 5 days! Obama and the NHTSA must be estatic!
That is a very significant boost in new car sales of more fuel-efficient vehicles.
So far, at Checkered Flag, we have seen the money going to very economically-minded people who would usually drive a car into the ground. We have had no issue in helping these people attain loans and a large percentage have been paying in cash. Contrary to some perceptions we have read out there ,this program is benefiting folks who can afford new vehicles. We cannot deny that the other side of argument will be able to find some examples that show differently, but that has not been our experience in Hampton Roads.
On the other hand, we must admit that we, like most dealers, are struggling with the NHTSA's registration website. This is our first time dealing with the government, on this level, and we can now say we completely understand some of the frustrations government contractors go through in attaining money through massive amounts of processing.
Despite some of the processing short-commings, we are still ecstatic about the program and urge anyone who qualifies for the program to call us at 757 687-3431 immediately. 30% will dwindle fast!!!
"CARS is a program of the U.S. Department of Transportation’s National Highway Traffic Safety Administration (www.cars.gov)"
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