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Cash for Clunkers Signed Into Law
President Obama signed the Consumer Assistance to Recycle and Save (CARS) Act into law. This program, also called “Fleet Modernization” or “Cash for Clunkers” has been successful in jumpstarting auto sales in many other countries and is expected to do the same for the U.S. market. It is estimated this program will improve sales for all manufacturers by a quarter of a million units.
CARS will allow consumers to trade in their older, gas-guzzling vehicles and receive vouchers worth up to $4,500 to help pay for new, more fuel efficient cars and trucks. The program will be administered by Department of Transportation (DOT) and begin soon. It will end once the one billion dollars set aside has been spent or November 1, 2009; whichever comes first.
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