Cash for Clunkers Ending: CARS Ends Monday

The Cash for Clunkers program has proved a great success; this was proven a few weeks back when the U.S. government had to add a further $2 billion to the Car Allowance Rebate System (CARS). The incentive program is now ending; the U.S. Department of Transportation will end Cash for Clunkers on Monday.

Bizjournals.com reports that more than $1.9 billion in rebates have been given out, that amounts to more than 457,000 dealer transactions going through. One thing is certain; this has been a shot in the arm for the ailing auto industry. Like all good things, they have to come to an end eventually.

The Cash for Clunkers program offered as much as $4500 in rebates to a consumer who traded in their old car for a new more fuel-efficient model. That new model had to have at least 60 percent better fuel efficiency than the older model.