"American consumers and workers were the clear winners." Okay, so why not extend the rebates?
The CARS program, aka Cash for Clunkers, ended last night as almost 700,000 vehicles were removed from U.S. roads at a cost to taxpayers of $2.9 billion dollars based on an analysis of submissions by the 8 p.m. deadline.
“American consumers and workers were the clear winners thanks to the cash for clunkers program,” said U.S. Transportation Secretary Ray LaHood.
“Manufacturing plants have added shifts and recalled workers. Moribund showrooms were brought back to life and consumers bought fuel efficient cars that will save them money and improve the environment,” he said.
The Obama administration in spite of the clear success of the stimulus program apparently has no plans to extend the rebates. The Administration is facing unprecedented federal deficits that grew by another $2 trillion, according to a report issued yesterday by the White House to Congress.
According to a preliminary analysis by the White House Council of Economic Advisers, the CARS program will:
- Boost economic growth in the third quarter of 2009 by 0.3-0.4 percentage points at an annual rate thanks to increased auto sales in July and August.
- Sustain the increase in GDP in the fourth quarter because of increased auto production to replace depleted inventories.
- Create or save 42,000 jobs in the second half of 2009. Those jobs are expected to remain well after the program’s close.
About 84% of consumers traded in trucks and 59% purchased passenger cars, according to the DOT. The average fuel economy of the vehicles traded in was 15.8 miles per gallon and the average fuel economy of vehicles purchased is 24.9 mpg — a 58% improvement.
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 by Maker
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
- 10. Ford Windstar FWD Van
Vehicles Purchased
Passenger Cars: 404,046
Category 1 Truck: 231,651
Category 2 Truck: 46,836
Category 3 Truck: 2,408
Vehicle Trade-ins
Passenger Cars: 109,380
Category 1 Truck: 450,778
Category 2 Truck: 116,909
Category 3 Truck: 8,134
Requested Voucher Dollar Amount by State
Alabama $31,251,500
Alaska $4,868,500
Arizona $39,542,500
Arkansas $23,402,500
California $326,822,000
Colorado $37,676,500
Connecticut $40,114,000
Delaware $11,235,000
District Of Columbia $67,500
Florida $146,565,000
Georgia $70,496,000
Guam $675,000
Hawaii $7,333,500
Idaho $11,655,000
Illinois $143,613,000
Indiana $65,797,000
Iowa $37,728,000
Kansas $31,496,500
Kentucky $40,246,500
Louisiana $33,376,500
Maine $16,579,500
Maryland $74,903,000
Massachusetts $64,855,000
Michigan $132,407,500
Minnesota $73,160,500
Mississippi $12,463,500
Missouri $61,271,500
Montana $6,461,000
Nebraska $21,784,500
Nevada $14,582,000
New Hampshire $23,045,500
New Jersey $103,375,500
New Mexico $13,941,500
New York $156,292,000
North Carolina $78,601,500
North Dakota $8,938,000
Ohio $136,267,000
Oklahoma $37,422,000
Oregon $37,531,500
Pennsylvania $138,651,500
Puerto Rico $2,252,000
Rhode Island $10,690,500
South Carolina $37,207,500
South Dakota $10,367,500
Tennessee $50,949,000
Texas $183,776,500
Utah $24,102,500
Vermont $9,879,000
Virgin Islands $1,553,000
Virginia $98,523,500
Washington $55,927,500
West Virginia $13,477,000
Wisconsin $70,165,000
Wyoming $2,513,000