Seriously, how long did they think this program would last? $3,500 to $4,500 toward a car is a nice chunk of change. When $3 billion Cash for Clunkers first launched on July 27, retroactively covering vehicles purchased since July 1 with a “clunker” trade-in.
I don’t personally know anyone who took advantage of this program — my brother recently purchased a new car, but with an 8-cylinder engine, he wasn’t qualifying for the program, which requires you to buy a more fuel-efficient vehicle.
I’ve heard dealers have to submit a 13-page application for government reimbursement. If the program ends tonight at 8 p.m., how the heck are they supposed to finish all the paperwork by then?
So was it a success? Some manufacturers were able to hire back recently laid-off employees, so it sounds good in theory. Or did they just create a buying bubble that will burst now that the program is officially over? Time will tell.