Cash for Clunkers has run out of gas and you only have a few more days to take advantage of the rebate.

Cash for Clunkers has run out of gas and you only have a few more days to take advantage of the rebate.

The Washington Post reports that the program will end Monday because it’s run out of money. 

In its first week, Cash for Clunkers paid out more than $1 billion in rebates to people trading in their gas-guzzling cars.  Two weeks ago Congress approved another $2 billion for the initiative. Although the money was supposed to last until Labor Day, the funds have almost completely been tapped.

"It's not clear at all if there's enough of the $3 billion to last through the weekend," John McEleney, chairman of the National Automobile Dealers Association, told The Post. "My concern is if we go past the $3 billion between now and Monday."

Cash for Clunkers was originally supposed to run to November 1, but this latest development has cut it short by just over two month.

John insisted that there is enough money left to last throughout the weekend, which is good because dealers are expecting an influx of last-minute trade-ins over the next few days.

The green initiative, meant to encourage people to swap out their current cars for more fuel-efficient models, has since been deemed a success since this announcement.

Those interested in upgrading their car shouldn’t worry too much if they can’t make it to a dealer by Sunday night. Cash for Clunkers won’t officially shut down until about 8 p.m. on Monday.

-- Sonya Eskridge

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