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

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.

For more information on Cash for Clunkers, please visit http://www.edmunds.com/cash-for-clunkers/. Lively discussions about Cash for Clunkers are taking place on Edmunds’ CarSpace.com message boards at http://townhall-talk.edmunds.com/direct/view/.f1db290.

About Edmunds Inc. (http://www.edmunds.com/help/about/)

Edmunds Inc. publishes four Web sites that empower, engage and educate automotive consumers, enthusiasts and insiders. Edmunds.com, the premier online resource for automotive consumer information, launched in 1995 as the first automotive information Web site. Its most popular feature, the Edmunds.com True Market Value®, is relied upon by millions of people seeking current transaction prices for new and used vehicles. Edmunds.com was named “Best Car Research Site” by Forbes ASAP, has been selected by consumers as the “Most Useful Web Site” according to every J.D. Power and Associates New Autoshopper.com Study(SM), was ranked first in the Survey of Car-Shopping Web Sites by The Wall Street Journal and was rated “#1″ in Keynote’s study of third-party automotive Web sites. Inside Line launched in 2005 and is the most-read automotive enthusiast Web site. CarSpace launched in 2006 and is an automotive social networking Web site and home to the oldest and most established automotive community. AutoObserver.com launched in 2008 and provides insightful automotive industry commentary and analysis. Edmunds Inc. is headquartered in Santa Monica, California, and maintains a satellite office in suburban Detroit.
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