
Now that the
Cash for Clunkers program
is over, the numbers are rollin’ in. During the program, 690,114 cars
were destroyed. However, only 40% of cars purchased by consumers after
trading in their old vehicles were American-made.
Secretary of Transportation Ray LaHood called the CARS program “
wildly successful”
because of the large jump in sales during its run and added that
“American consumers and workers were the clear winners thanks to the
Cash for Clunkers program.” Consumers definitely won with CARS. Demand
was so high that the program’s initial funding was exhausted in less
than a week. It is not yet known exactly how many of the 690,114 sales
were pull-forward sales and how many were purchases that would not have
been made without the incentive.
Sales
of more fuel-efficient vehicles saw a huge spike during the run of Cash
for Clunkers, with the average mileage on trade-ins at 15.8 mpg
compared to new vehicle mileage of 24.9 mpg. That’s an average
improvement in fuel economy of 58%. Although, it is debatable whether
the sales of environmentally friendly cars offset the impact of
manufacturing those cars.
American
automakers did get a boost from Cash for Clunkers. Ford reported its
first increase in sales since 2007 and GM added factory shifts to meet
product demands. Manny of the cars sold were at least assembled in the
United States, but the Big Three automakers only had 38% of total sales.
The biggest seller under the program was Toyota, with 19.4% of final sales. GM and Ford had 17.6% and 14.4% respectively.
An interesting side note: all of the ten most traded-in vehicles come from US companies.
10 Most Traded-In Vehicles under CARS
1. Ford Explorer 4WD
2. Ford F150 Pickup 2WD
3. Jeep Grand Cherokee 4WD
4. Ford Explorer 2WD
5. Dodge Caravan/Grand Caravan 2WD
6. Jeep Cherokee 4WD
7. Chevrolet Blazer 4WD
8. Chevrolet C1500 Pickup 2WD
9. Ford F150 Pickup 4WD
10. Ford Windstar FWD Van
10 Most Purchased Vehicles under CARS
1. Toyota Corolla
2. Honda Civic
3. Toyota Camry
4. Ford Focus
5. Hyundai Elantra
6. Nissan Versa
7. Toyota Prius
8. Honda Accord
9. Honda Fit
10. Ford Escape FWD
Sales of more fuel-efficient vehicles saw a huge spike during the
run of Cash for Clunkers, with the average mileage on trade-ins at 15.8
mpg compared to new vehicle mileage of 24.9 mpg. That’s an average
improvement in fuel economy of 58%. Although, it is debatable whether
the sales of environmentally friendly cars offset the impact of
manufacturing those cars.
American automakers did get a boost from Cash for Clunkers.
Ford reported its first increase in sales since 2007 and
GM
added factory shifts to meet product demands. Manny of the cars sold
were at least assembled in the United States, but the Big Three
automakers only had 38% of total sales.
The biggest seller under the program was
Toyota, with 19.4% of final sales. GM and Ford had 17.6% and 14.4% respectively.
*An interesting side note: all of the ten most traded-in vehicles come from US companies.
10 Most Traded-In Vehicles under CARS
- 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
10 Most Purchased Vehicles under CARS
- Toyota Corolla
- Honda Civic
- Toyota Camry
- Ford Focus
- Hyundai Elantra
- Nissan Versa
- Toyota Prius
- Honda Accord
- Honda Fit
- Ford Escape FWD