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Cash for Clunkers Suspended, Remember that great family vehicle that you had your eye on, hoping to make a purchase with the help of the Cash for Clunkers program? Well, forget it because the government just pulled the plug. According to a recent article in USA Today, the program has been suspended due to concerns that the $1 billion dollar incentive program would run out of money too quickly, and the difficulties car dealers are experiencing in processing the overabundance of Cash for Clunkers demand.
The government has reported that as of the suspension of the program, $221 million (nearly one-quarter of the total funding) was already handed out for old vehicles. Cash for Clunkers was originally meant to be viable until the end of October.
The Cash for Clunkers program was so popular, that the official CashforClunkers website received millions of hits over the weekend. In fact, a similar car plan was adopted in Britain. Will the program ever get reinstated in the U.S. once the extensive, 135-page set of rules is clarified for dealers and buyers? Nothing has yet to be decided, but you may want to hold on to the clunker and stay tuned.