By Dave Lucas
http://stream.publicbroadcasting.net/production/mp3/wamc/local-wamc-852808.mp3
Albany, NY – "Cash for clunkers" survived the weekend, but it's now running on empty. Capital District Bureau Chief Dave Lucas reports.
The federal rebate program offers vouchers worth up to $4,500 when consumers trade in their gas guzzlers for something more efficient. Area car dealers say they have been busier than usual this weekend with customers trying to get on the program before the money dries up.
I spoke with several dealerships across the WAMC listening area, and every one said they've seen more people in their showrooms over the last several days than they have in YEARS. U.S. consumers purchased new automobiles last week in staggering numbers. Automobile sales figures for the "Cash for Clunkers" program are not yet available. Whether the program is extended or not, it apparently worked the stimulus magic that President Barack Obama's Stimulus Package did not.
Cash for clunker programs originated in Europe: in Germany incentives boosted car sales 22 percent. The clunker program counts among its supporters economic icon Alan Greenspan, who calls it a "well-timed economic turbo-charger that shows Americans are more optimistic" --- New York Senator Charles Schumer recommends doubling funding to $4 billion. He shot down complaints that it was bailing out the car industry. For more information about the program, visit the U.S. Government's CARS website.
DID YOU KNOW: You can combine "Cash For Clunkers" with other State and Federal incentives, such as the hybrid vehicle credit.
RELATED: Nissan has taken the wraps off its new zero-emission vehicle.
Ford US July Sales Rise 2.3% on Clunkers Program.