Cash for clunkers: The end is near – 8 pm EST
Aug 24, 2009 1:00 PM
Attention last-minute shoppers: The opportunity window for taking advantage of the Car Allowance Rebate System (CARS) program slams shut tonight at 8 pm EST.
Due to intense interest, the allocated $3 billion dollars in federal funds are estimated to be drained before this evening’s primetime television programming begins. Based on numbers previously released by the National Highway Safety Administration (NHTSA), about 700,000 new car sales may be directly credited to the program.
In addition to stimulating the auto industry, CARS has helped reduce fuel consumption, with an early NHTSA report showing an average 9.6 mpg improvement made between the clunker and new vehicle. If that figure holds true, the 700,000 new vehicles could save 875 million gallons per year, assuming 12,000 annual miles driven. For individuals, this would mean about $3,300 a year saved in fuel cost. (Of course, this may be offset by increased insurance premiums and likely finance charges.)
While buyers officially have until 8 p.m. (Eastern) tonight, to consummate a deal, it is likely already too late for many deals. The New York State Auto Dealers Association reports that about half of its dealers have already pulled out of the program. And even among dealers still participating, the inventory levels and choices of qualifying cars to buy are reported to be running low.
If cash for clunkers adds up for you, don’t delay. And if you’re not, watch this space for final results of the cash-for-clunkers program.
Due to intense interest, the allocated $3 billion dollars in federal funds are estimated to be drained before this evening’s primetime television programming begins. Based on numbers previously released by the National Highway Safety Administration (NHTSA), about 700,000 new car sales may be directly credited to the program.
In addition to stimulating the auto industry, CARS has helped reduce fuel consumption, with an early NHTSA report showing an average 9.6 mpg improvement made between the clunker and new vehicle. If that figure holds true, the 700,000 new vehicles could save 875 million gallons per year, assuming 12,000 annual miles driven. For individuals, this would mean about $3,300 a year saved in fuel cost. (Of course, this may be offset by increased insurance premiums and likely finance charges.)
While buyers officially have until 8 p.m. (Eastern) tonight, to consummate a deal, it is likely already too late for many deals. The New York State Auto Dealers Association reports that about half of its dealers have already pulled out of the program. And even among dealers still participating, the inventory levels and choices of qualifying cars to buy are reported to be running low.
If cash for clunkers adds up for you, don’t delay. And if you’re not, watch this space for final results of the cash-for-clunkers program.
For further information, visit our cash for clunkers resource center, where you’ll find FAQs, recommended cars lists, and the latest CARS news.
Have you traded in a clunker? Share your experience in our cash for clunkers forum
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