Perlmutter Supports Extension of Cash for Clunkers Program

July 31, 2009

Today, U.S. Rep Ed Perlmutter (CO-07), a member of the House Financial Services Committee voted with a bipartisan majority of the House of Representatives to replenish the Cash for Clunkers program by shifting $2 billion of American Reinvestment and Recovery Act (ARRA) funds to program.



“Under this extremely successful program, between 3,900 and 4,600 Coloradans took advantage of the vouchers during the first week and bought new cars. Many stores in our area each sold 30-40 new cars in the last few days,” said Perlmutter. “This is an important program to extend because it provides consumers a way to save money on their gas and energy costs by getting rid of older less fuel efficient cars, as well as providing a much needed capital injection to our local auto dealers to help them sell cars on their lots.”



Estimates show that the program already generated nearly $5.5 billion of new economic activity, including substantial tax revenue for states and local communities. Additionally, consumers who have participated in the program received a 69 percent improvement in miles per gallon average from their trade-in vehicles, and will reap an average annual gasoline savings of $750.