Cash for Clunkers program losing steam

August 11, 2009 10:32:23 AM PDT
The excitement over the Cash for Clunkers program appears to be losing steam and new car sales might fall back to their sluggish levels of a few months ago.

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Tracking by shows car sales in the program have declined by 15 percent since it peaked on July 29th.

One analyst suggests many new car buyers adopted a "gold rush mentality" when they heard Cash for Clunkers was about to run out of money, and before the Senate approved additional funding for it.

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