Additional $2 Billion for "Cash for Clunkers" Mistimed, Says Edmunds.com

SANTA MONICA, Calif.--The Senate today approved an additional $2 billion dollars to help fund the "Cash for Clunkers" program which allows consumers to scrap their older, less fuel-efficient vehicles and collect up to $4,500 toward the purchase of a new, more fuel-efficient vehicle. The Senate approved the vote 60-37. President Barack Obama is expected to sign the bill within the next day.

"When the program originally launched, traffic at dealerships surged because consumers were unsure if it would last very long," said Jeremy Anwyl, CEO of Edmunds.com. “Now that additional money has been approved, the rush to make a deal will not be as urgent.”

"This program would have made more sense to continue in October when the traditional summer selling season is over," continued Anwyl.

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