The laws of economics matter, regardless if President Obama, Betty Sutton, and Rob Portman don’t thing so:

Basing their argument on the fact that about 250,000 clunkers have already been traded in for new cars and that with another $2 billion in funding expected, up to 500,000 more used cars could be taken out of the market, Kelley sees the value of used cars in general rising steeply, if only for a brief time.

The average increase estimate is between 5%-10%.

Related posts:

1. Cash for Clunkers Update: Chris Redfern & Betty Sutton Don’t Want the Poor to Own Cars
2. Cash for Clunkers- KILLING a Corvette
3. Cash for Clunkers is Different than Cash for Clunker Fridges?
4. Rob Portman is Wrong on Cash for Clunkers
5. Cash for Clunkers, Scammers, and Rich Galen