Clunkers for Cash too slow on the draw

I guess I've just missed out on another get-rich-quick scheme, and I'm not talking about PowerBall. News media are reporting today that the government's "Cash for Clunkers" program has already run out of money.

That's bad news for entrepreneurs like me, who saw an opportunity in the federal CARS (Car Allowance Rebate System) program, which offered up to $4,500 trade-in allowances to buyers who ponied up an old, gasoline-hungry vehicle to buy a new vehicle that gets at least 10 mpg better mileage. For creative entrepreneurs, this was a golden opportunity. I was ready to launch my Clunkers for Cash program and rake in some serious dough.

You see, all that federal money jump-started the value of old cars. I figured I'd buy as many old cars as I could find, vehicles that might be worth, say $800, and sell them to people who wanted to buy new cars and get the federal rebate for, let's say, $1,800. The new owner would drag the clunker to a participating dealer and collect his $4,500 and drive away with a new car and $2,700. I'd be satisfied with my $1,000 finder's fee on each transaction. If I could do five or 10 deals a week, I'd be sitting pretty, and a lot of jalopies would be in a better place.

Unfortunately, the feds have shut down the program before I could get rich quick, but I'm sure somebody made some money in this deal.