Cash for Clunkers

I guess by now everyone has heard of the cash for clunkers program where the government gives a big rebate on any old clunker cars traded in for new cars. I think this is supposed to help the car industry and the economy, etc.

It must be a huge success as the government has already had to extend the program and add more money to it. I heard the other day that it will officially end before too much longer though.

Did anyone here take advantage of this "cash for clunkers" program, or do you know anyone who did?

It sounds good, but I'm just wondering in this bad economy where people are getting the rest of the money to pay for a new car????? I know we all need our cars for transportation, etc., but it just seems a new car is a huge expense that someone possibly worried about their having a job, etc., might not want to make at a time like this, even with a huge rebate.

I was wondering where the rest of the money is coming from, also. I guess some people are planning to make payments later.

From what I've heard, the clunkers program ran out of money in the first week. Supposedly there were enough funds in the program at the start that running out would require every car dealership in the US to sell 10-12 cars in the program.

I bought a new car with this program last week. Trade in value of my car was around $2,200 and they gave me $4,500 because of the program.

I'm happy