The cash for clunkers program is already proving too good to be true. The $1 billion in funds allocated for the program is almost gone after less than a week, and now congress is scrambling to get an additional $2 billion to extend the program.

With sales up at Ford and at dealerships, the program can be viewed as an unabashed success for the auto industry. And the environment is also winning, as the vehicles being purchased are estimated to be 69 percent more fuel efficient than the vehicles being dumped, according to the website CashForClunkersInformation.org.

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The Smiths have a Ford, and the Johnsons have a Nissan… but how long will it take the Jones to have a Tesla in your neighborhood?

Tesla Motors, along with Ford and Nissan, were recently awarded loans from the US Energy Department, totaling about $8 billion, to help automakers transition to making more fuel-efficient vehicles. Tesla Motors, which produces high performance, consumer-oriented battery electric vehicles, received $465 million to finance the manufacturing plant for their Model S, as well building a powertrain plant. The Model S, an electric sedan, expected to start production in 2011, will cost roughly $49,900, after a $7,500 tax credit.

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