Cash for Clunkers generated nearly 700,000 new car sales and ended under its $3 billion budget, the Transportation Department announced today.
Japanese automakers Toyota, Honda and Nissan accounted for 41% of the new vehicle sales, with the Toyota Corolla being the most popular new vehicle purchased under the program, followed by the Honda Civic, Toyota Camry and Ford Focus.
Here’s more statistics from the program from the Spokesman-Review.
While this program definetely boosted the auto industry and the economy (by putting people to work) this year, what this article doesn’t say is that many economists are now worried that the auto industry is going to tank again next year and possibly the year after, because few people will be buying cars. What’s your take? Any other major pros or cons you see coming out of this we haven’t talked about?
Personally, I'm happy to see all of the bikes on the streets, and even all of the scooters (you NEVER used to see these, not really in the US anyways!).
Of course, I realize these aren't the best options for winter-time and rainy days… but if more people rode the bus, they could improve their service.
It would be unfortunate for those currently employed by auto companies, but really I'd like to see Americans turning to more sensible means of local transportation and saving cars for long commutes or turning to public transit instead.
Could you imagine if we set up an intra-national train system like in so many other countries? (I have personally had experience with the Japanese system and it impressed me SO much.)
Overall I think this program, and a lot of these other "stimulus" programs have not done much good. They do not stimulate the economy long-term, they are not getting people jobs or even helping the people who currently have jobs to continue to have one, and they're just digging our national debt even deeper than it was before (and it makes me cringe).
I put in 8 long years at university and just graduated in March. I still do not have a job (as you can tell, since I have so much time to comment on your blog), and could therefore care less about government kickbacks for buying new cars I cannot afford, or assistance for new construction. My primary concern right now is stimulating my pantry; and my husband, amazingly, makes too much money for us to get assistance with such an endeavor. (Ok, so we qualified for $8 a month in food stamps. Surely this will help me continue to pull through as the months pass until the economy turns around and I can find a job.)
I'm certainly all-for helping the environment (in fact, I'm really into all of that "green-sh*t"), but I think things like bicycles, scooters, and public transit are not only more economical, they will help the environment much more than simply increasing your fuel efficiency by a few MPG.
I feel your pain Rachel. I'm in a little different situation though, because I have a job but STILL can't afford a new car. What I thought is crazy about this program is that some of the new cars they replaced 'clunkers' with only get 18 miles to the gallon! How efficient is that? Not very.
I'm not big on the stimulus programs either, and what amazes me is that people don't seem to realize that, yes, they're getting $4000 knocked off the price of a new car, but that came out of the taxes they pay. it's our own money!
Okay, I'm done ranting now. Hope you feel better because I do 🙂