NADA (The National Automobile Dealers Association) likes the passing of the extra 2 billion Dollars in funding for CARS (Car Allowance Rebate System). This new funding, that helps CARS until September at least, is now awaiting for the signature of President Obama. NADA is the first (among others) to warn the American DOT (Department of Transportation) that the funding program about some computer glitches causing errors in transactions.
John McEleney, chairman at NADA and a Iowa dealer also, stated: 'Cash for clunkers is a resounding success. With the additional $2 billion, even more 'clunkers' will be taken off the road and replaced with more fuel-efficient vehicles. Extending the 'clunkers' program benefits the environment and the economy. It's the best kind of stimulus'.
NADA says more buyers are going now for a higher credit - 4,500 Dollars, meaning an improvement of 10 mpg over the trade-in than 3,500 Dollars credit (a 4 mpg raise over that trade-in). So, the ratio between these 2 credits is 2-to-1 - the higher credit wins.
'When the backlog is met, interest in the program will fade, and the facade of economic benefit will disappear' Shelby reported to Reuters.
'The federal incentive of up to $4,500, coupled with automaker rebates and the auto sales tax deduction, puts a new vehicle within reach for many American families' said John McEleney, NADA Chairman - a multi-franchise Iowa dealer.
McEleney said: 'By scrapping junkers and putting newer, more efficient models on the road, we simultaneously stimulate the economy, boost the auto industry and curb greenhouse gas emissions'.
'With the tremendous public interest leading up to today, we anticipate that the $1 billion in funding for the cash for clunkers program will go quickly'
'A lot of work went into getting us to where we are today. Dealers, lawmakers and federal officials deserve a great deal of credit for putting this program together in such a short period'.
'Now is an incredible time to buy a new car. In my lifetime, I have never seen incentives like this available for new car and truck buyers'.
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