On June 24, President Barack Obama signed into law the Consumer Assistance to Recycle and Save Act of 2009 (CARS).1 For a limited period of time, it will give up to $4,500 to owners of vehicles with poor fuel economy who trade them in for more efficient new vehicles. This “cash-for-clunkers” program was touted as meeting three objectives: increasing vehicle sales, at a time when the U.S. auto industry is struggling; reducing fuel use; and reducing greenhouse gas emissions.
This column will describe how the new program will work and what kinds of vehicles can be turned in and purchased under it. It will then assess how well the program, as enacted by Congress, meets its stated objectives.
How the Program Works
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