The US Cash for Clunkers scheme ran out of cash on Tuesday with 690,114 dealer transactions submitted. So did it achieve its objectives? Let’s look at the evidence.
According to official statistics, 84 per cent of consumers traded in trucks and 59 per cent purchased passenger cars. The average fuel economy of the vehicles being traded in was just 15.8mpg, but the average of those being bought was 24.9mpg - that’s an improvement of 58 per cent. Indeed the cars bought under the programme are on average 19 per cent above the average fuel economy of all new cars currently available.
So who were the big beneficiaries?
Well, Toyota reaped the largest percentage of sales under the programme with 19.4 per cent; followed by General Motors (GM) at 17.6 per cent; and Ford at 14.4 per cent. Honda finished in fourth place with 13 per cent.
The top 10 vehicles bought under the programme were: the Toyota Corolla; Honda Civic; Toyota Camry; Ford Focus FWD; Hyundai Elantra; Nissan Versa; Toyota Prius; Honda Accord; Honda Fit; and the Ford Escape FWD. Meanwhile the top 10 trade-ins were: the Ford Explorer 4WD; the Ford F150 Pickup 2WD; the Jeep Grand Cherokee 4WD; the Ford Explorer 2WD; the Dodge Caravan/Grand Caravan 2WD; the Jeep Cherokee 4WD; the Chevrolet Blazer 4WD; the Chevrolet C1500 Pickup 2WD; the Ford F150 Pickup 4WD; and the Ford Windstar FWD Van.
The state that requested the largest share of the cash for clunkers cash was California with 11.3 per cent of the total; followed by Texas at 6.4 per cent; and New York at 5.4 per cent.
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