The government’s anticipated “cash for clunkers” program is running out of money, but after only a matter of days as car buyers hit the dealerships to take advantage of the rebates. After writing a post on the CARS program the effect this would have on people who own an old clunker and want to replace the engine in their clunker from a clunker with a good used engine, this is good news.

Officials from the White House said Thursday it was evaluating all options and concerns for the $1 billion budget for rebates for new car sales. The program officially began last week and has been widely publicized by auto manufacturers and dealers.

The Transportation Department called lawmakers on Thursday to let them know of plans to put a hold on the program by Friday.

Being called the Car Allowance Rebate System, the program offers owners of old cars and trucks dating back to 1984, $3,500 or $4,500 toward a new, more fuel-efficient vehicle, in exchange for junking their old vehicle. Congress last month approved the plan to increase auto sales and remove some gas hogs and trucks from the roads.

The program was supposed to last through Nov. 1 or until the money ran out, but few predicted it would run out in days. Through late Wednesday, nearly 22,000 vehicles had been purchased through CARS.

It suggested that with about 20,000 plus dealers taking part in the program, the dealers may already have surpassed the 250,000 vehicle sales funded by the billion program.

Lawmakers said they will examine how to find more funding for the program, which under the bill could grow to $4 billion for the funding of up to 1 million new car sales.

‘Cash for Clunkers‘ is a good idea for some folks. I still think it undermines all the people who can barely afford a used engine to keep their clunker on the road, let alone going into major debt for a new car. Practice what I preach. Clunker or not, if a new car costs 25,000 bucks, less 4500 bucks= 20,500 bucks-2000 bucks for a good used engine and installation and any related repairs=18,500 dollars. That buys a lot of gas for the person who is on a tight budget and simply can’t get a loan or is not interested in a new car.

Think about it, Cash for Clunkers is not for everyone, trust me when I say GotEngines.com can set you up with the used engine of your choice, which in most cases beats the heck out of a car loan. You all have good minds, use them wisely when it is time to replace your engine