Thursday, August 27, 2009

Cash for Clunkers Comes to a Close

The "Cash for Clunkers," or CARS, rebate program for fuel-efficient vehicles came to a close on Tuesday, August 25. In this "wildly successful" program, as this Department of Transportation press release dubs it, rebate applications worth $2.877 billion were submitted for the program. According to the release, the program will increase economic growth for the 3rd quarter, sustain increased GDP in the 4th quarter, and create or save 42,000 jobs. You can find official program statistics here.

We first blogged on the CARS program on July 23. CARS was extremely popular from the start, creating some cash-flow fears for auto dealers and quickly exhausting the funds allotted for it in the stimulus package (see this New York Time Topics article for details). This led Congress to quickly pass a bill providing another $2 billion for CARS rebates (H.R. 3435).

Need more resources? See our guide to economic stimulus information.

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