Cash for Clunkers' Creating Car Shortages »
Posted By Eagle_Eye 4 months, 1 week ago in Business & Finance
NEW YORK (Aug. 8) - The nation's car dealers have a new worry: they're running out of vehicles.
As the "cash-for-clunkers" program reaches its next chapter, and consumers pour into showrooms, some dealers say their stock of new cars — especially for fuel-efficient smaller models — is waning.
At Larry Miller Honda in Boise, Idaho, about two-thirds of the car lot is empty. The dealership is nearly out of 2009 models — something that usually doesn't happen until the late fall.
And the situation is so dire at a Chrysler, Dodge and Jeep dealership in Beaver Springs, Pa., that the owner, Michael Andretta, is essentially shutting down this weekend to repave his car lot.
"I'm out of cars," Andretta said. "I do not have a single car in my dealership that qualifies for anything."
Such a scenario amounts to a complete shift from earlier in the year, when hard-hit dealers saw cars pile up as consumers largely shunned big-ticket purchases.
It also reflects the rampant popularity of the incentive program, which gives car owners vouchers of up to $4,500 to trade in older, gas-guzzling vehicles for new, cleaner varieties.
On Friday, President Barack Obama approved another $2 billion to extend the program until Labor Day, putting consumers back in the car-buying mood. The program's first $1 billion ran out in about a week.
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Eagle_Eye
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bill3454 months, 1 week ago
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This doesn't stimulate economy. This is rob peter to pay pual. This only creates a bigger burden on tax payer and only puts money into the big car company pockets.... how does that help us. More americans in debt with car payments becuase the government borrowed tax payer future taxes to help who - not you...
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