Cash for Clunkers calls it quits on taking used cars in New York

It lasted six weeks, but buyers considering trading in used cars in New York for new cars as part of the Cash for Clunkers program may find that funding has ceased for the incentives.

The government is set to stop taking claims after 8 p.m. on August 24, fearing that otherwise, the $3 billion set aside for the program will not cover the rebates already issued as part of the CARS efforts to improve national fuel economy measures, reported the Detroit Free Press.

The federal Department of Transportation says that $1.9 billion has already been issued, and another $500 billion or so in rebate applications are likely to be applied for as dealers process paperwork, the newspaper noted.

Some automakers have stepped up to guarantee that the remaining dealers will be paid if they are not covered by the government, up to the November 1 deadline for the program, according to Fox News.

However, drivers of used cars in New York are unlikely to find the current deals that included matching discounts from dealerships, and may want to consider recent used cars instead of 2009 and 2010 vehicles to fit their budget.