The White House has announced that President Obama will sign the recently passed ‘cash for clunkers’ legislation later today, with the program set to take effect in 30 days. The cash for clunkers program is intended to jump start new vehicle sales and also promote a cleaner national fleet.
President Obama will sign the cash for clunkers bill – which will consumers up to $4,500 towards the purchase of a new vehicle – at 4:30pm ET in the Oval Office, according to Automotive News.
Although the cash for clunkers bill will soon become law, the National Automobile Dealers Association is urging dealers to wait to sign up for the program. Federal rules for the program won’t be set until late next month.
Under the program, $1 billion will be set aside to encourage the purchase of new, fuel efficient vehicles. The program, which is set to expire on November 1, is expected to generate 250,000 new car sales. In Germany, a similar program helped boost May sales by 40 percent.
