Clunkers: Taxpayers paid $24,000 per car
Auto sales analysts at Edmunds.com say the pricey program resulted in relatively few additional car sales.
Still, auto sales contributed heavily to the economy's expansion in the third quarter, adding 1.7 percentage points to the nation's gross domestic product growth.
NEW YORK (CNNMoney.com) -- A total of 690,000 new vehicles were sold under the Cash for Clunkers program last summer, but only 125,000 of those were vehicles that would not have been sold anyway, according to an analysis released Wednesday by the automotive Web site Edmunds.com.
The average rebate was $4,000. But the overwhelming majority of sales would have taken place anyway at some time in the last half of 2009, according to Edmunds.com. That means the government ended up spending about $24,000 each for those 125,000 additional vehicle sales.
"It is unfortunate that Edmunds.com has had nothing but negative things to say about a wildly successful program that sold nearly 250,000 cars in its first four days alone," said Bill Adams, spokesman for the Department of Transportation.
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Cash for Clunkers? Edmunds says each one cost YOU $24k
- Obama Again Insists With $1.4bn Loan To ***nissan*** That Profit Has Nothing To Do With Product Viability
The unbelievable CONTINUES….every penny should go to R&D of reducing cost, size of batteries, and motors, decreasing the power usage of motors, while increasing the power of batteries and motors.THAT is what will help make electric cars VIABLE...
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Quayle was right. BARACK OBAMA WILL BE RECORDED AS THE WORST PRESIDENT IN US HISTORY BECAUSE WHEN THIS ECONOMY TANKS, AS INTEREST ON THE DEBT EXCEEDS THE ENTIRE DEFENSE BUDGET HE WILL LEAVE A DISHEARTENED, CHANGED NATION THAT NO...
- America Has Voted And Obama Is Going Down - Ford, Honda, And Toyota Sales Up - Chrysler And Gm Down
From moi, Pastorius, at the Astutest of all Bloggers: Clunkers aid Ford, Toyota sales; GM, Chrysler fallDETROIT (AP) -- The Cash for Clunkers program boosted sales at Ford, Toyota and Honda in August as consumers snapped up their fuel-efficient offerings,...
- Trust Us With Planning Your Health
Hundreds of auto dealers in the New York area have withdrawn from the government's Cash for Clunkers program, citing delays in getting reimbursed by the government, a dealership group said Wednesday. The Greater New York Automobile Dealers Association,...