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Cash for Clunkers

Consumer Assistance Recycle and Save Act of 2009

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A Quick Tip by Butter

  • May 6, 2010
  • by
Cash for clunkers: another genius idea from our leaders (aka dimwitted, professional panderers).
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More Cash for Clunkers reviews
review by . October 29, 2009
Edmunds.com is a website that bills itself as "the premier resource for online automotive information."   Edmunds.com  is by no stretch of the imagination a political organization and therefore has no axe to grind here.   Edmunds has just completed an exhaustive analysis of the federal government's "Cash For Clunkers" program which ran for several weeks this past summer.  You can find the complete report in the wiki or by …
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Wiki

The Consumer Assistance Recycle and Save Act of 2009, or “Cash for Clunkers” is a program designed to get gas hogs and heavy polluters off the road and stimulate new car sales. The federal government is going to provide a voucher of up to $4,500 to the dealer to help reduce the cost of the new car by that amount. It even extends to leases.

Cash for Clunkers Results Finally In: Taxpayers Paid $24,000 per Vehicle Sold, Reports Edmunds.com

SANTA MONICA, Calif. — October 28, 2009 — Edmunds.com, the premier resource for online automotive information, has determined that Cash for Clunkers cost taxpayers $24,000 per vehicle sold.

Nearly 690,000 vehicles were sold during the Cash for Clunkers program, officially known as CARS, but Edmunds.com analysts calculated that only 125,000 of the sales were incremental. The rest of the sales would have happened anyway, regardless of the existence of the program.

Ironically, the average transaction price for a new vehicle in August 2009 was only $26,915 minus an average cash rebate of $1,667.

"This analysis is valuable for two reasons," explained Edmunds.com CEO Jeremy Anwyl. "First, it can form the basis for a complete assessment of the program's impact and costs. Second—and more important—it can help us to understand the true state of auto sales and the economy. For example, October sales are up, but without Cash for Clunkers, sales would have been even better. This suggests that the ...

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