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Say Goodbye to Cash for Clunkers

U.S. hits brakes as money runs out—again.

This might be the best weekend to buy that new car you were thinking about. The government has announced that the popular "Cash for Clunkers" program will end on Monday as it is already running out of money—again. Dealers are preparing for a flood of shoppers this weekend. The program gives consumers up to $4,500 in credit for the purchase of a new car if they trade in an old one. Nearly 500,000 sales have been made since July 24. “It has been successful beyond anybody’s imagination,” President Obama said Thursday in a radio interview. “And we’re now slightly victims of success because the thing happened so quick, there was so much more demand than anybody expected, that dealers were overwhelmed with applications.” Despite the boost in sales, dealers complain that the program has been marred by confusion over reimbursements and qualifications. This is the second time the program has stalled out. The administration says not to expect another jumpstart.