The Senate passed a bill yesterday containing the Cash for Clunker (CFC) program allocating $1 billion for the program as the House did last week. I reviewed the merits of the program in a Huff Post article.
Cash for Clunkers is a program which was architected by three organizations: Center for American Progress (CAP), ACEEE and Smarttransportation.org where I serve as Chairman.
You can see here the list of cars that are eligible for trade-in.
This program will have immediate benefits for dealers around the country.
I have been receiving hundreds of queries from around the country from individuals who want to use the program. "Where do I go to trade-in my car?"-questions are flowing in by email and phone.
Unfortunately, the version passed by Congress does not contain as much of an efficiency gain as we were hoping for, but it is a first step. The initial version contained in HR 520 and S 247 had a much bigger jump in MPG.
The good news is that this program run for a year at which time we can revisit the mileage bar and step it up. Only a $1 billion has been appropriated so only about 400-500K cars can be covered in this initial run.
Rev up that V8 from '88!