Gillibrand Applauds Passage of Cash For Clunkers Extension
Program Helps Make New Fuel Efficient Vehicles Affordable, Cuts Emissions, Brings Business Back to Car Dealers Nationwide
Washington, D.C. - U.S. Senator Kirsten Gillibrand today announced Senate passage of legislation to extend the "Cash for Clunkers" program. The program went into effect July 27 and was scheduled to be offered until November, but the program was so popular, the funding ran out after one week. The legislation which passed today authorized an additional $2 billion to extend the program.
"Cash for Clunkers has been a successful program so far, with nearly 160,000 transactions reported," said Senator Gillibrand, a member of the Senate Environment and Public Works Committee. "Estimates show that every 15 vehicles sold supports one job. Furthermore, we're getting gas guzzling vehicles off the road - 83 percent of trade-ins under the program are trucks, and 60 percent of new vehicle purchases are cars. I am pleased that Congress has passed an extension to ensure that one of our most successful stimulus programs continues to help the economy."
Under the "Cash for Clunkers" program, a buyer who picks a car with a mileage improvement of more than four miles per gallon, but less than 10 is eligible for a $3,500 rebate. A buyer whose new vehicle is rated 10 miles per gallon or better than their old vehicle is eligible for a $4,500 rebate.
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