4,000 cars bought on first day of Cash for Clunkers
When the Cash for Clunkers program was signed by the US government, a lot of people expected that it would go over with the American public. During the program’s first day of eligibility last Monday, it became clear that the assumptions were spot on. During the first 24 hours of the CFC program, over 4,000 vehicles were swapped and it is expected that the first-day numbers are just the tip of the iceberg. Of course, it helps that there are 20,564 certified dealers all over the US that cater to the CFC program so finding a place to deal your scrap heaps won’t be too difficult.
The figures for the first day represent over $17 million in car rebates taking with it a small chunk of the government’s allocated $950 million budget for the entire program. Taking into account all the mathematical details involved, the Cash for Clunkers program is expected to accommodate over 250,000 rebates, so you can expect that they’ll be more scrap exchanges in the coming months.
But then again, if the first day figures are an indication of what’s yet to come, then the $950 million the government allocated might dry up faster than the government’s projected deadline of November.
One thing that’s become clear is that Americans are not wasting time in taking advantage of this program to exchange their run-down vehicles for shiny, new ones.
Source: Detroit News