Looks like that will be it, folks. The US Cash for Clunkers program will end on August 24. The government initially allocated $1 billion then congress passed another $2 billion to keep it alive after a very successful run. To avoid any potential problems from claims, the program is set to be closed.

The initial $1 billion was allocated to encourage motorists to trade in their gas-guzzling relics for new more fuel-efficient and environment-friendly cars. That billion was supposed help shore up car sales by 250,000 units and was planned to last until September.

In just under a month, the program blew through the budget and required more government intervention for more funds to be channeled to support the program. It is expected that at least 700,000 new car owners benefited from the program.

“This program has been a lifeline to the automobile industry, jump starting a major sector of the economy and putting people back to work,” U.S. Transportation Secretary Ray LaHood said. “At the same time, we’ve been able to take old, polluting cars off the road and help consumers purchase fuel efficient vehicles.”

The official end will be on Monday (August 24) at 9 PM Eastern.

Source: Leftlane