The government's cash for clunkers program has burned through its $1 billion budget in less than a week as car buyers swarmed dealerships, and federal officials are scrambling to find more money to keep it going, according to government sources.
The program, designed to jump-start car sales and improve the fuel efficiency of the nation's auto fleet, unleashed a wave of pent-up demand that threatened to exhaust funds before dealers could be fully reimbursed for rebates under the plan.
As word got out late Thursday that the program might be suspended at midnight, some car dealers reported a surge in nighttime buyers. At Toyota of Hollywood, general manager Don Mushin said he expected to sell 15 vehicles before closing.
If you ask us, this is one telling omen of how much money will be spent in the first months of free healthcare, as millions have been probably waited to get themselves fixed, in anticipation of it becoming free.
Do you think cash for clunkers achieved its goal or was it another huge waste?
It will also be interesting to see what percentage of the new cars bought were imports...
2009 Comicon Photo Gallery
2009 Frankfurt Auto Show Photo Gallery