Analysts said the jump in used car prices partially reflected the government's "Cash for Clunkers" rebate program, which has reduced the stockpile of used vehicles since cars which qualified for that program were junked and therefore not available for resale.
The advance in both new and used car prices accounted for 90 percent of the increase in core inflation last month, government analysts said.Read more »
Title says "Cash for Clunkers under budget with 690,000 sales" but one paragraph says "It proved far more popular than lawmakers originally thought. Congress added another $2 billion to the original $1 billion budget when the first pot of money nearly ran out in a week. The extra money was supposed to last through Labor Day, but the funding only lasted about a month."
In other words, it was over budget before it was under budget after they made the budget larger, and even then, it was canceled just enough earlier than planned to keep it from consuming even the second "budget."Read more »
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