Cash for Clunkers Extended for 18 hours!

August 24th, 2009 | Economy

The most popular Government program cash for clunkers has extended by 18 hours. The deadline for car dealers to file applications for rebates under the “cash for clunkers” car scrappage scheme, after heavy demand brought down a computer system processing the deals. The extension of 18 hours was made because it was difficult to handle this burden of applications. This program was $1billion dollar program but after the popularity of this program, congress understand the importance of this program and then Congress rushed to push through an additional $2 billion before leaving for its summer recess, in anticipation that the money would last until Labor Day, but that prediction was way off, as well.

Watch the video “Auto Dealer Struggles to Get Clunkers Cash”

Droves of prospective buyers who called today to ask whether they still had time to make a deal had to be turned away, several dealers in the region said “Some people are disappointed and some are happy,”. The clunkers, including a black 1991 Ford F250 truck with 98,000 miles on it, were bound for a junkyard, where their motors would be destroyed with sodium silicate, or liquid glass. So, According to this deal, buyers who trade in old vehicles for those with lower fuel consumption receive a rebate of either $3,500 or $4,500.

The incentives were intended to benefit Detroit’s three hard-pressed car makers, Ford Motor, Chrysler and General Motors. However, their Asian rivals have emerged as the main winners. Now, this scheme is going to end after getting huge success and popularity from car dealers but still they are facing problems which should have to be settling down!