Cash for Clunkers results

[Clev]

Auto dealers reported 690,114 sales under the federal government's $3 billion Cash for Clunkers rebate program, according to final data released Wednesday by the Department of Transportation. The total value of the rebates claimed by dealers totalled $2.88 billion.

The following is a list of the top-selling vehicles under the program, the most popular trade-ins, the share of sales for automakers and the top-selling states.

TOP SELLERS

1. Toyota Corolla

2. Honda Civic

3. Toyota Camry

4. Ford Focus front-wheel drive

5. Hyundai Elantra

6. Nissan Versa

7. Toyota Prius

8. Honda Accord

9. Honda Fit

10. Ford Escape front-wheel drive

TOP TRADE-INS

1. Ford Explorer four-wheel drive

2. Ford F-150 Pickup two-wheel drive

3. Jeep Grand Cherokee four-wheel drive

4. Ford Explorer two-wheel drive

5. Dodge Caravan/Grand Caravan two-wheel drive

6. Jeep Cherokee four-wheel drive

7. Chevrolet Blazer four-wheel drive

8. Chevrolet C1500 pickup two-wheel drive

9. Ford F-150 pickup four-wheel drive

10. Ford Windstar front-wheel drive van

The average combined MPG for the top 10 purchased models is 27.4 mpg.

[Frank Lee]

I saw an article that said a survey shows 17% of new vehicle owners under the clunkers program are already having doubts and second thoughts about the wisdom of taking on new car payments.

For the sake of arguement, I'm going to assume 17% of program participants weren't really thinking of getting a new car but did because of the program. Then, 83% of the program sales were going to happen in the near term regardless- people that would have bought earlier but caught wind of the program and waited, and those who would have bought later but did it before program deadline instead.

If my assumption isn't total garbage, that means the $3,000,000,000 program spurred 117,000 "new" sales, at about $26,000/sale. :/

[Matt Herring]

Originally Posted by Frank Lee

I saw an article that said a survey shows 17% of new vehicle owners under the clunkers program are already having doubts and second thoughts about the wisdom of taking on new car payments.

For the sake of arguement, I'm going to assume 17% of program participants weren't really thinking of getting a new car but did because of the program. Then, 83% of the program sales were going to happen in the near term regardless- people that would have bought earlier but caught wind of the program and waited, and those who would have bought later but did it before program deadline instead.

If my assumption isn't total garbage, that means the $3,000,000,000 program spurred 117,000 "new" sales, at about $26,000/sale. :/

What's the C4C rules about turning around and trading in the new car a buyer just purchased under the program? There has to be some rules that don't allow this to happen for a given time...right. Seems like you could turn around and trade your new car for a reasonable used one with lower payments (yet you got $4500 for your clunker trade when otherwise you might have gotten $500-1000)...just wondering.

[Clev]

Originally Posted by Frank Lee

I saw an article that said a survey shows 17% of new vehicle owners under the clunkers program are already having doubts and second thoughts about the wisdom of taking on new car payments.

I wonder how many normal new-car buyers have doubts and second thoughts.

[theycallmeebryan]

My sister traded in a number 7 for a number 5.

[Johnny Mullet]

When do the dealerships get paid? Every local dealership in my area reports the government has not paid them on this program like expected.

[MadisonMPG]

Yeah I feel sort of bad for those dealers, but then again I don't. They sold a TON of cars, they had to make a profit even with the loss of 4,500 dollars. I mean, what is the markup on cars? I mean car dealers usually make a ton of money vs. regular joes. (assuming the economy doesn't suck)

[cfg83]

theycallmeebryan -

Originally Posted by theycallmeebryan

My sister traded in a number 7 for a number 5.

Wow, your sister is "one with the stats".

CarloSW2

[Matt Herring]

Originally Posted by MadisonMPG

Yeah I feel sort of bad for those dealers, but then again I don't. They sold a TON of cars, they had to make a profit even with the loss of 4,500 dollars. I mean, what is the markup on cars? I mean car dealers usually make a ton of money vs. regular joes. (assuming the economy doesn't suck)

Most dealers do not profit $4500 on a new car sale...most likely half of that or less. They make their money on all the extras including vehicle add ons, service, warranties, etc.

[Vwbeamer]

Are you kidding ? Average profit on a new car sale is about $1300.00 The profit comes from the trade in, which was taken away by the rebate.

So the dealer is out $3200.00 until the rebate comes. One local dealer is selling the better Clunker cars rather than waiting on the rebates.

The program was a total failure. The reduction in emmisions is less than 1%. We paid out 3 billion for very little.

Originally Posted by MadisonMPG

Yeah I feel sort of bad for those dealers, but then again I don't. They sold a TON of cars, they had to make a profit even with the loss of 4,500 dollars. I mean, what is the markup on cars? I mean car dealers usually make a ton of money vs. regular joes. (assuming the economy doesn't suck)