Will There Be a Revival of “Cash for Clunkers”?

A group of federal lawmakers is asking Congress to boost the sagging auto industry during the coronavirus pandemic. What hasn’t been determined is whether there will be a second version of “Cash For Clunkers,” an Obama-era federal program that provided financial incentives to consumers to replace their older, gas-guzzling vehicles with newer models.

The purpose of “Cash For Clunkers” was twofold: boost new car sales and protect the environment. The junk cars were brought to auto recycling facilities and junkyards, where they were destroyed so that they could not reenter the used car market. Gershow Recycling buys junk cars, shreds them and turns them into high-quality scrap products; it has also done its part in preserving the environment since 1964.
Roy LaHood, who oversaw the program while serving as President Obama’s transportation secretary, said the program was “widely popular,” with 700,000 cars being traded in between July 2009 and August 2009. However, U.S. Representative Debbie Dingell of Michigan says the program will not return. Adam Jonas, an auto industry analyst with Morgan Stanley, said a similar program is needed and pictured a program in which owners would receive “coupons” for their junk car; the amount of the coupon would be dependent on “several criteria,” such as family income, the car’s fuel economy, sustainability and the percentage of the vehicle’s parts made in the U.S.
You don’t have to wait for a federal program to get paid for your unwanted vehicles. Gershow will come to you and get rid of your car for free. It’s that easy! There is no need to wait for a government stimulus check — Gershow will pay you on the spot, so you will have money in your pocket immediately. If you want to get money for your junk car, call (631) 371-2031 or visit clunkersintocash.com.

RESOURCES:
https://www.autonews.com/suppliers/lawmakers-may-seek-auto-aid-no-cash-clunkers-dingell-says?utm_source=daily&utm_medium=email&utm_campaign=20200506&utm_content=hero-headline
https://www.autonews.com/used-cars/could-clunkers-20-work-better
https://www.barrons.com/articles/get-ready-for-mega-cash-for-clunkers-morgan-stanleys-adam-jonas-says-51587295800
https://www.motortrend.com/news/cash-for-clunkers-revival-2020-car-deals/

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