The government’s popular “cash for clunkers” program may be running out of money after only a matter of days as car shoppers flock to dealerships to take advantage of the rebates. After writing a post on the CARS program 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.

The White House said Thursday it was assessing its options amid concerns the $1 billion budget for rebates for new car sales may have been depleted. The program officially began last week and has been heavily publicized by automakers and dealers.

Transportation Department officials called lawmakers earlier Thursday to alert them of plans to suspend the program as early as Friday. But a White House official said later the program had not been suspended and they were reviewing their options to keep the program funded.

Called the Car Allowance Rebate System, or CARS, 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 and ruining their old vehicle. Congress last month approved the plan to boost auto sales and remove some inefficient cars and trucks from the roads.

The program was scheduled to last through Nov. 1 or until the money ran out, but few predicted it would be depleted in days. Through late Wednesday, 22,782 vehicles had been purchased through CARS and nearly $96 million had been spent.

It suggested that with about 23,000 dealers taking part in the program, car dealers may already have surpassed the 250,000 vehicle sales funded by the $1 billion program.

Lawmakers said they would try to find additional funding for the program, which under the legislation 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