June 19th, 2009
By Barbara Kessler
Green Right Now
Congress has approved what will be a big bonanza for car buyers — not to mention car dealers — with the “Cash for Clunkers” bill that cleared the Senate on Thursday.
Once signed by President Obama, who pushed for the law, car buyers will be able to get up to $4,500 toward more efficient new vehicles when they trade in their aging gas guzzlers (or even just their aging cars that get so-so mileage). Cars must pre-date 2002 but not be older than 1984 models.
Ironically, this generous program would not be available had it not been for the short-sighted American car manufacturers who made so many gas gulpers, their heedless American customers and also the torpid economy. None of those players gets chastened or overhauled or even pinched in this deal.