Cash for Clunkers to end Monday night

If you still have a clunker, you had better make a deal quickly; the U.S. Department of Transportation’s Car Allowance Rebate System program, better known as “Cash for Clunkers” will end Monday, August 24, at 8:00 PM.

According to Transportation Secretary Ray LaHood, the decision to pull the plug on the popular program came after the department determined the program has nearly exhausted its $3 billion in funding. As of today, the Department has $1.9 billion worth of applications. As Congress is on break until Labor Day, there would be no opportunity to obtain additional funding in a timely manner.

Dave McCurdy, CEO of the Alliance of Automobile Manufacturers, says the program has been a success.

“In less than six weeks, the CARS program will have generated close to 750,000 new vehicle sales,” McCurdy said in a statement. “With an average fuel economy increase of almost 10 mpg, the program has achieved its goals of stimulating the economy, enhancing energy security and reducing greenhouse gas emissions.”