Cash for Clunkers Is a Go, NADA Is Happy

The US Senate has approved the so called cash for clunkers bill, as it is stipulated in the war spending bill. The final hurdle is at the White House, where the bill will now go (and is expected) to get President's Obama approval.

Following the White House's approval, the National Highway Traffic Safety Administration (NHTSA) will be given 30 days to to create the rules to implement the program, as well as for setting up an information website.

The National Automobile Dealers Association (NADA), who has been working with the NHTSA, has commended the passing of the bill and said will will continue working with the NHTSA for the development of the rules required to apply it. Below you have the statement issued by NADA's chairman, John McEleney.

"NADA applauds Congressional action on a fleet modernization program that will boost consumer confidence, get the economy going again and reduce our dependence on foreign oil. By approving a cash-for-clunkers program today, Congress is giving consumers a strong incentive to replace their older vehicles with new, more fuel efficient cars and trucks."

"With families struggling in this economy, giving them an additional $3,500 to $4,500 to apply toward their down payment will put a new vehicle purchase in reach for many. With more fuel-efficient vehicles on the road, it will also help reduce the nation's dependence on foreign oil. A spike in new car and truck sales will also help communities that rely on the revenue from vehicle sales taxes and other fees to fill their budget shortfalls."