Cash for Clunkers Shocker

Has this plan been so succesful it has to be put on hold already, well the Wall Street Journal is reporting just that!!

The U.S. government plans to temporarily suspend its “cash for clunkers” incentive program because Obama administration officials believe its $1 billion budget has been exhausted after just one week, said several congressional officials.

Department of Transportation officials contacted lawmakers offices Thursday evening to inform them the program would be put on hold as early as Friday, these people said.

The program, which offers rebates of up to $4,500 to consumers who trade in old vehicles and buy new, more fuel-efficient models, was launched July 24 and sparked a surge in car sales.

cash for clunkers over imageThere is probably a hundred thousand cars still in limbo looking for disposal and I guess we can expect another 4 or 5 billion to be set aside for a more substantial run at this program because of its runaway success.  It should leave us all in a great position to  profit from the next wave!