In the months before "Cash for Clunkers" launched, 39 percent of new car sales involved a trade-in. Since then, 51 percent do, according to Edmunds.com, an online resource for automotive information.
Prior to the program, nearly nine percent of trade-ins were vehicles that would have qualified as "clunkers." Since the launch, 39 percent of trade-ins qualify.
"Participants in the program are choosing more fuel-efficient vehicles. Before, cars were only two of the top 10 vehicles purchased with clunker trade-ins; now, six are cars," stated Edmunds.com Senior Analyst Michelle Krebs.
Based on preliminary data, Edmunds.com estimates that the average cash value of the traded-in clunkers was $1,475. The owners of those vehicles earned rebates for either $3,500 or $4,500, depending on the replacements vehicles they chose.
The government has issued a list of cars that were purchased after trading in a clunker. The Ford Focus heads the top 10 car list followed by: Honda Civic; Toyota Corolla; Toyota Prius; Ford Escape; Toyota Camry; Dodge Caliber; Hyundai Elantra; Honda Fit; and Chevrolet Cobalt.
Naturally, no one has reported the loss in sales that will occur in other sectors of the economy that will result when money will be taxed away from taxpayers (or inflated away) in order to pay for the creation of this artificial boomlet in Obama 's favorite union dominated industry.
The article did, however, report that no one is buying GM/Chrysler, save the Cobalt, with clunker cash.
ReplyDelete"Naturally, no one has reported the loss in sales that will occur in other sectors of the economy ..."
ReplyDeleteI can't see that.
(Yes, it's a joke.)