The U.S. public has been far too accepting of the government's "cash for clunkers," or CARS program -- and now all the money is gone.
As of Monday, said U.S. Transportation Secretary Ray LaHood Thursday, the program will be over. As we reported earlier today, the program was already being contested due to the clunky bureaucracy; dealers have been having a hard time getting the money the government has allocated, and the NADA had been hoping to obtain yet another extension. The first $1 billion allocated to the program had run out after less than two weeks.
When the cash for clunkers program was extended August 7, so many consumers had already taken Uncle Sam up on his offer to trade in their gas guzzler for a more fuel-efficient car that automakers were reporting a big uptick in sales for July (though the program had only been going for a small percentage of the month) and Chrysler had announced it would increase its production.
Take the first steps to building your portfolio.View Course »