American citizens have purchased more than 4,000 new vehicles under the new $1 billion Cars Allowance Rebate System (CARS aka ‘Cash for Clunkers’), the National Highway Traffic Safety Administration (NHTSA) said earlier today. A total of 4,026 drivers have scrapped their cars to use a total of $17,035,500 million from the program.
After $50 million administrative costs to run the program, that still leaves $933 million in the pot. Transportation Secretary Ray LaHood said that the money should allow for the purchase of about 250,000 vehicles. NHTSA spokesman Rae Tyson said 2,550 of the vehicles were passenger cars and the rest were light trucks.
NHTSA said that 20,564 dealers have registered for the program, up from about 16,000 as of Monday.
The Cash for Clunkers program ends Nov. 1. Check out cars.gov to see if your eligible and please let us know how your experience was if you’ve used the program.
– By: Stephen Calogera
Source: Detroit News