"Cash for Clunkers" Runs Out of Gas?

Image from source, WSJ

Well, crap! I am not yet in the market for a new car. But let's face it, my 1998 Jeep Wrangler has seen better days, even if it only has just shy of 50,000 miles on it. It looks great, but it needs about $1,500 in repairs just about every year. And at 15-16 mpg, it falls in the "cash for clunkers" program, even if it isn't a clunker, per se.

I could probably get more (possibly significantly more) than the $4,500 allowed in the program. But our local Jeep dealer was offering (up to) $4,500 in matching cash back. In other words, whatever the government would give you, they would match if you bought a new Jeep. I'm fairly confident that I'd be near the maximum allowed value, meaning I'd be eligible for $8,000-$9,000 for a trade-in! That's a good chunk of the cost of a new Jeep, and at least would end up being far cheaper than this Jeep was when I bought it at two-years-old (in 2000!). Heckuva deal! But alas, the program seems to be out of money. RATS!

[Excerpt]

'Cash for Clunkers' Runs Out of Gas

White House officials and lawmakers were studying late Thursday how to keep alive the government's cash-for-clunkers incentive program because of concerns the program's $1 billion budget may have been exhausted after just one week.

Obama administration officials warned congressional leaders Thursday it planned to suspend the program at midnight. But the White House released a statement late Thursday saying that completed deals would be honored and the program is still under review. . .

Read more at: Wall Street Journal