written by Patti Stoner
Auto dealers are worried about the government running out of funds before they get reimbursed for these incentives. Wednesday Transportation Secretary Ray LaHood said he wants to let the dealers know when they are getting close to running out of the additional $3 billion in funds allocated for the program. It appears the dealers have already used almost two-thirds of these additional funds and it is on track to run out in early September. We can expect an announcement soon from the government of its plan to conclude the program.
If you’re curious if your vehicle is really a “clunker”, see the government’s official website www.cars.gov. If you are considering buying Junior a new car before he goes back to college, this might be of interest.
Remember this is a “credit” that you receive directly from the auto dealer upon purchase of the new vehicle. In addition to this program, you will also be entitled to deduct the sales tax you pay for the purchase on your 2009 income tax return!
UPDATE: Cash for clunkers program ended on August 25th.