Report: Cash for Clunkers

[gski]

Report: Cash for Clunkers Auto Program Cost Taxpayers $24,000 Per Vehicle

American taxpayers doled out $24,000 per vehicle sold under the government's "Cash for Clunkers" auto program, according to a study released Wednesday.

The report, conducted by the automotive information firm Edmunds.com in Santa Monica, Calif., found that of the nearly 690,000 vehicles sold under the program, only 125,000 of the sales could be credited directly to the Cash-for-Clunkers program.

The rest of the sales would have happened anyway, despite the government program, the report said -- raising questions over its effectiveness.

The report also said that the average cost for a vehicle in August 2009 was only $26,915 -- minus an average cash rebate of $1,667.

Cash for Clunkers -- officially known as the Car Allowance Rebate System -- was a $3 billion program intended to provide economic incentives to Americans to purchase a new, more fuel efficient cars when they traded in an older, less efficient vehicle.

The program was touted for giving a boost to auto sales while increasing the sales of more fuel-efficient vehicles.

Hmmmm....another sucess that we'll get the bill on!

[Clipper]

As someone stated earlier, it DID have one benefit to the world. It took a lot of Obama bumper stickers off the road.

[dgriffin]

And the rebate/credit, even where not counted in the above calculation, probably got spent elsewhere in the economy. Still, I would rather our taxes have been cut. That would have been the most fair, as opposed to auto industry welfare.

[Clipper]

I have serious doubts about the auto industry bailout and the cash for clunkers program.

During the bailout and bankruptcy process, the lots were emptied by the cash for clunkers program. Now the dealers are struggling to re-establish a normal, everyday, marketing strategy and struggling to find customers. I see dealers are now stocking their empty lots with lots of cars now that the factories are back in production, but who the hell are they going to sell them to, and what incentive will there be to buy?

Just yesterday I was at the Dodge dealer for an oil change on my truck. What were they unloading off of not one, , but two trucks? Not economy cars, but two truck loads of pickups and SUV's,most of which were V-8's and diesels. So much for getting the gas guzzlers and large vehicles off of the road.

Seeing how they have "saved" the auto and banking industries with MY money, I hate to see what they will do when they go about DESTROYING the healthcare industry.