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AUTOS: Clunkers Bill Signed By President
Written by: Bob Golfen   
06/24/2009
Washington, D.C.
 
President Obama signed the cash-for-clunkers bill into law today that’s designed to boost auto sales, help clean the air and lower fuel consumption by offering credits to drivers trading in their old vehicles.

Sales of U.S. brand compacts, such as Ford Focus, rose 40 percent during Cash for Clunkers compared with last year. (Photo Ford) ยป More Photos
Known as the Car Allowance Rebate System, or CARS, the program now goes into a 30-day waiting period while the government puts together regulations for the program. After that, auto dealers across the country can sign up to participate.

The $1 billion program, which was scaled back from an earlier $4.5 billion plan, could result in sales of 250,000 new cars and light trucks as people trade in their current vehicles for more-fuel-efficient vehicles.

CARS will offer credits between $3,500 and $4,500 for each traded-in vehicle, depending on the improvement in miles per gallon between a new vehicle and the one traded in.

The program will be in effect through Nov. 1.

The CARS program was part of a $106 billion package of legislation mainly to assist U.S. troops in Iraq and Afghanistan.

Similar actions have had good effect on auto sales in some European countries, and the plan has the strong support of automakers and the Obama administration.

But critics say the plan would be a costly flop having little positive
effect for either the struggling automakers or the national air quality.

“A program intended to stimulate car sales should target people in the market for a car, but the proposed program does not,” said Jeremy Anwyl, Edmunds.com CEO. “The only people who qualify are those willing to take no more than $4,500 for their current car and immediately buy a new one – quite a narrow profile.”

For more information on the clunkers program, see the government’s newly created website: www.cars.gov.
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