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Thursday, August 6, 2009

More Cash for CARS Program on the Way




More Cash for CARS Program on the Way
August 5th, 2009

The Cash for Clunkers, or CARS, program is off to an amazing success, with most of the original $1 billion allotted for the program already spent. So far, domestic manufacturers have benefited from the program immensely, with the Ford Focus taking top honors as the vehicle most purchased with Cash for Clunkers vouchers. That doesn’t mean other carmakers aren’t enjoying the spoils of the CARS program, either. The Toyota Corolla, Honda Civic, Toyota Prius and Toyota Camry round out the top 5 cars bought with the aid of Cash for Clunkers funds.

With most of the money spent for the program in around one week, congress is already evaluating sending more funds to spur fuel-efficient car purchases. The House of Representatives has already approved an additional $2 billion in funding. That means the final word on whether or not Cash for Clunkers continues on in the United States currently rides on the shoulders of the members of the Senate. While not everyone on Capitol Hill is convinced the program is a success, Democrats are vowing to keep CARS rolling, while most republicans are saying they won’t stand in the way of additional funding.

That’s good news anyone looking to get their hands on a brand new vehicle that gets better fuel economy than their old junker. [Source: LAT]

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