Cash for Clunkers statistics
Cash for Clunkers statistics.
What are everyone's thoughts on the program now that it is over? Did the original intent go as far as the government has wanted it to? I'd tend to think this stimulus for the automotive industry still is a good move, and will be noticed more down the road. I'm sure the Obama administration may find another way to have more programs like this. Thoughts?
Quote:
WASHINGTON, DC -- Reports show that the program wrapped up with nearly 700,000 sales in which older vehicles were replaced by far more fuel efficient vehicles.
Rebate applications worth $2.877 billion were submitted by the 8 p.m. deadline, under the $3 billion provided by Congress to run the program.
Cars made in America topped the most-purchased list, from the Ford Focus to the Toyota Corolla to the Honda Civic.
"American consumers and workers were the clear winners thanks to the cash for clunkers program," said U.S. Transportation Secretary Ray LaHood.
According to a preliminary analysis by the White House Council of Economic Advisers, the CARS program will:
Boost economic growth in the third quarter of 2009 by 0.3-0.4 percentage points thanks to increased auto sales in July and August.
Will sustain the increase in GDP in the fourth quarter because of increased auto production to replace depleted inventories.
Will create or save 42,000 jobs in the second half of 2009. Those jobs are expected to remain well after the program closes.
Ford and General Motors recently announced production increases for both the third and fourth quarters as a result of the demand generated by the program. Honda also said it will be increasing production at its U.S. plants in East Liberty and Marysville, Ohio and in Lincoln, Alabama.
Good News for the Environment
Eighty-four percent of consumers traded in trucks, and 59 percent purchased passenger cars. The average fuel economy of the vehicles traded in was 15.8 miles per gallon and the average fuel economy of vehicles purchased is 24.9 mpg. - a 58 percent improvement.
C.A.R.S. Program Statistics:
Top 10 New Vehicles Purchased
Toyota Corolla
Honda Civic
Toyota Camry
Ford Focus FWD
Hyundai Elantra
Nissan Versa
Toyota Prius
Honda Accord
Honda Fit
Ford Escape FWD
New Vehicles Manufacturers
Toyota 19.4%
General Motors 17.6%
Ford 14.4%
Honda 13.0%
Nissan 8.7%
Hyundai 7.2%
Chrysler 6.6%
Kia 4.3%
Subaru 2.5%
Mazda 2.4%
Volkswagen 2.0%
Suzuki 0.6%
Mitsubishi 0.5%
MINI 0.4%
Smart 0.2%
Volvo 0.1%
All Other <0.1%
Top 10 Trade-in Vehicles
Ford Explorer 4WD
Ford F150 Pickup 2WD
Jeep Grand Cherokee 4WD
Ford Explorer 2WD
Dodge Caravan/Grand Caravan 2WD
Jeep Cherokee 4WD
Chevrolet Blazer 4WD
Chevrolet C1500 Pickup 2WD
Ford F150 Pickup 4WD
Ford Windstar FWD Van
Vehicles Purchased by Category
Passenger Cars: 404,046
Category 1 Truck: 231,651
Category 2 Truck: 46,836
Category 3 Truck: 2,408
Vehicle Trade-in by Category
Passenger Cars: 109,380
Category 1 Truck: 450,778
Category 2 Truck: 116,909
Category 3 Truck: 8,134
Average Fuel Economy
New vehicle mileage: 24.9 MPG
Trade-in mileage: 15.8 MPG
Overall increase: 9.2 MPG, or a 58% improvement
Cars purchased under the program are, on average, 19% above the average fuel economy of all new cars currently available, and 59% above the average fuel economy of cars that were traded in. This means the program raised the average fuel economy of the fleet, while getting the dirtiest and most polluting vehicles off the road.
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