President Obama today signed a bill to refill the "cash-for-clunkers" program, extending it into Labor Day, the first Monday in September, and preventing the 2-week-old incentives from running out.The Senate voted to add $2 billion to the incentive program on Thursday, tripling the $1 billion fund that has led to big crowds at once deserted auto showrooms.
"Now more American consumers will have the chance to purchase newer, more fuel-efficient cars and the American economy will continue to get a much-needed boost," Obama said in a statement hailing the vote.
Under the program, passenger car owners are eligible for a voucher worth $3,500 if they trade in a drivable vehicle that got a combined city/highway mileage of 18 miles per gallon or less when it was new for a new car getting at least 22 mpg. Vouchers of $4,500 are available for owners who trade in a passenger car that got 18 mpg or less combined for a model that gets at least 28 mpg. Owners of old SUVs, pickups and vans can take advantage of similar benefits. Dealers ensure the traded-in vehicles are crushed and shredded.
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