Cash for clunkers final numbers

[TerryMason]

Cash for Clunkers Final Numbers
The NHTSA issued a press release with the final numbers from the Cash for Clunkers program which is showing that the number of transaction did not exceed the $3 billion in funding.. This is good news for car dealers and consumers since there was a possibility that they had run over the amount of money allocated.

C.A.R.S. Program Statistics (PDF)
Wednesday, August 26th, 2009
Dealer Transactions
Number Submitted: 690,114
Dollar Value: $2,877.9M

Top 10 New Vehicles Purchased
Toyota Corolla
Honda Civic
Toyota Camry
Ford Focus FWD
Hyundai Elantra
Nissan Versa
Toyota Prius
Honda Accord
Honda Fit
Ford Escape FWD

New Vehicles Manufacturers
Toyota 19.4%
General Motors 17.6%
Ford 14.4%
Honda 13.0%
Nissan 8.7%
Hyundai 7.2%
Chrysler 6.6%
Kia 4.3%
Subaru 2.5%
Mazda 2.4%
Volkswagen 2.0%
Suzuki 0.6%
Mitsubishi 0.5%
MINI 0.4%
Smart 0.2%
Volvo 0.1%
All Other <0.1%

Top 10 Trade-in Vehicles
Ford Explorer 4WD
Ford F150 Pickup 2WD
Jeep Grand Cherokee 4WD
Ford Explorer 2WD
Dodge Caravan/Grand Caravan 2WD
Jeep Cherokee 4WD
Chevrolet Blazer 4WD
Chevrolet C1500 Pickup 2WD
Ford F150 Pickup 4WD
Ford Windstar FWD Van

Vehicles Purchased by Category
Passenger Cars: 404,046
Category 1 Truck: 231,651
Category 2 Truck: 46,836
Category 3 Truck: 2,408

Vehicle Trade-in by Category
Passenger Cars: 109,380
Category 1 Truck: 450,778
Category 2 Truck: 116,909
Category 3 Truck: 8,134

84% of trade-ins under the program are trucks, and 59% of new vehicles purchased are cars. The program worked far better than anyone anticipated at moving consumers out of old, dirty trucks and SUVs and into new more fuel-efficient cars.

Average Fuel Economy
New vehicles Mileage: 24.9 MPG
Trade-in Mileage: 15.8 MPG
Overall increase: 9.2 MPG, or a 58% improvement
Cars purchased under the program are, on average, 19% above the average fuel economy of all new cars currently available, and 59% above the average fuel economy of cars that were traded in. This means the program raised the average fuel economy of the fleet, while getting the dirtiest and most polluting vehicles off the road.

 

[fixitdad]

Sad to think of all those parts that will be destroyed and the billions further in debt the budget will be.

 

[TerryMason]

Just a note, I copied and pasted the original post - the commentary is not my own

 

[yjmudder90]

wow looks like most of the vehicles traded in were american and most bought were foreign. wasnt this a plan to boost the U.S.?

 

[Saddle Tramp]

Just a note, I copied and pasted the original post - the commentary is not my own

I was glad to see you clarified the commentary was not your own as the other way of looking at this is that a hand full of Americans and illegal aliens got the rest of us to give them up to $4,500 towards the purchase of their new car. Yes it was nice to see a bunch of new car sales but look at the list and see who the big winners were and you will find that eight of the ten top vehicles sold where produced by Asian manufacturers with Ford being the only American bright light taking spots 4 and 10. Ok, I know some of the Asian companies have plants here in the US so that will keep a few Americans working to replace some of the cars sold but where do you think the profits from those cars goes? Well, back to Asia of course and after they get done playing the hide the pea paper games guess how much of that profit gets taxed by the US; not much! In my opinion if you are going to have a cash for clunkers program at all, it should only have been good for use on a car produced by the one of the American now not so big three. I can’t believe the auto worker unions weren’t all over that.

I know I will probably get flamed here by many of you but every time the profits leave the US it is another chink in our financial well being. As such, there are no rice burners, nor will there ever be any rice burners in my stable.

As far as the loss of parts, it is a shame/crime to destroy them. Junk yards do have 180 days to sell body parts but after that it is off to the crusher. I have already found a beautiful 1991 Grand Cherokee in great condition with lower miles sitting in a yard waiting to be scraped. As far as all the motors being destroyed, just wait and see what core charges and rebuilt motor prices do as now there will not be as may old motors available for rebuild. Who is going to bail out all the guys working in that part of the industry?

(This is the sound of me getting off of my soap box)

 

[yjmudder90]

I was glad to see you clarified the commentary was not your own as the other way of looking at this is that a hand full of Americans and illegal aliens got the rest of us to give them up to $4,500 towards the purchase of their new car. Yes it was nice to see a bunch of new car sales but look at the list and see who the big winners were and you will find that eight of the ten top vehicles sold where produced by Asian manufacturers with Ford being the only American bright light taking spots 4 and 10. Ok, I know some of the Asian companies have plants here in the US so that will keep a few Americans working to replace some of the cars sold but where do you think the profits from those cars goes? Well, back to Asia of course and after they get done playing the hide the pea paper games guess how much of that profit gets taxed by the US; not much! In my opinion if you are going to have a cash for clunkers program at all, it should only have been good for use on a car produced by the one of the American now not so big three. I can’t believe the auto worker unions weren’t all over that.

I know I will probably get flamed here by many of you but every time the profits leave the US it is another chink in our financial well being. As such, there are no rice burners, nor will there ever be any rice burners in my stable.

As far as the loss of parts, it is a shame/crime to destroy them. Junk yards do have 180 days to sell body parts but after that it is off to the crusher. I have already found a beautiful 1991 Grand Cherokee in great condition with lower miles sitting in a yard waiting to be scraped. As far as all the motors being destroyed, just wait and see what core charges and rebuilt motor prices do as now there will not be as may old motors available for rebuild. Who is going to bail out all the guys working in that part of the industry?

(This is the sound of me getting off of my soap box)

i agree 100%. i also would like to keep my 2nd amendment right to bear arms. hmmmm, sounds like the "change" all you hippy loving tree hunging F&(kers voted for is not such a good thing. if they try to take your guns, give them the ammunition first!

 

[TerryMason]

eight of the ten top vehicles sold where produced by Asian manufacturers with Ford being the only American bright light taking spots 4 and 10.

True, but keep in mind these numbers:

New Vehicles Manufacturers
Toyota 19.4%
General Motors 17.6%
Ford 14.4%
Honda 13.0%
Nissan 8.7%
Hyundai 7.2%
Chrysler 6.6%

So, even though GM didn't have many very popular models, overall they did sell alot of cars. I don't mean to say that I like the program, but they did sell some american cars

 

[Saddle Tramp]

Terry-

Are you sure these numbers aren't normal market share and not specifically related to the clunker sales?

 

[xt master]

Over half of the parts for the not so big 3 companies are not made in the USA any way.Most are made over seas and just assembled here.Granted it still helps some people to put them together but there would be thousands of jobs if we actually made anything at all.As far as the cash for clunkers program I still dont know how I feel about it.What about all the mechanics that use to get paid to repair those older cars?

 

[Saddle Tramp]

Over half of the parts for the not so big 3 companies are not made in the USA any way.Most are made over seas and just assembled here.Granted it still helps some people to put them together but there would be thousands of jobs if we actually made anything at all.As far as the cash for clunkers program I still dont know how I feel about it.What about all the mechanics that use to get paid to repair those older cars?

It is my understanding that in order for a car to qualify for NASCAR it had to be assembled from 51% American made parts. Now Toyota says they meet the criteria so here they go into the NASCAR arena. Couple that with Obama giving the Italians control of Jeep for NO investment; it is clear the America of apple pie and baseball has slipped away.

 

[TerryMason]

Terry-

Are you sure these numbers aren't normal market share and not specifically related to the clunker sales?

No, GM sold the 2nd most cars under the cash for clunkers program, with 17.6%. Not exactly overwhelming numbers though...

Here's a link to the official website
http://www.cars.gov/files/official-information/August26Stats.pdf

 

[mrhc]

Think about what this might do to car sales in the coming 18 to 24 months. All the cars that would have come off the road during that time came off all at once as a Clunker for Cash. Will we bail out the car companies again when the next two years are slow because they sold record numbers during these few months? I just think Cash for Clunkers was a huge waste of money because it created an artificial boost in car sales and will create a backlash later on down the road.

 

[Saddle Tramp]

Between the gas hysteria causing GM & Ford to stop making 7-8 seat SUVs (Tahoe and Expedition primarily) and the cash for clunkers, the price of a used SUV is going to become dear in the near future too. We need them to not only haul our families but boats, light trailers, and the like. When everyone gets tired of being cramped up in a puddle jumper and wants to make a switch back, SUVs are going to be like gold if in good condition.

I agree new car sales are going to dive now the clunker deal is over. Home sales are going to do the same thing once the $8,000 is gone at the end of this year.