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.