‘Cash for Clunkers’ wins over US drivers

07-10-2009 | REUTERS

Program backers hope the trade-in credit will arrest the auto industry's slide

Panama Star With a $1 billion federal "Cash for Clunkers" program he made the plunge.

"It ended up being right place, right time for me," said Metzler, 42, who traded his eight-year-old sport utility vehicle for a new Chevrolet Equinox this week.

The program signed into law by President Barack Obama in June offers a trade-in credit of up to $4,500 to owners of cars, SUV, vans and pickup trucks built since 1984, with fuel economy of 18 miles per gallon or less.

The program has been broadly welcomed by auto dealers across the country.

"It's a wonderful program. It helps out the environment, it helps out the customer, and it gives a jump to the automobile industry when it needs it the most," said Scott Gruwell, sales director of the GM dealership that sold Metzler his Equinox.