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.
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?