Cash for Clunkers was a BUST!!! I get the Feeling we TAXPAYERS are going to be getting cluncked for the next 3 1/2 years…smh
The federal government’s “Cash for Clunkers” stimulus program accounted for just 125,000 new car purchases and cost taxpayers $24,000 per car sold, according to a study by Edmunds.com.
The remainder of the 690,000 vehicles sold during the program would have been bought regardless of government intervention, the study claimed.
“Our research shows that without the Cash for Clunkers program, many customers would not have traded in an old vehicle when making a new purchase,” said Edmunds.com senior analyst David Tompkins.
Tompkins said the cost of the program was also questionable. The total cost to taxpayers was nearly $3 billion, or $24,000 for each of the 125,000 additional cars sold. At that price was it the government’s best use of money?
“That’s about what the average car costs,” Tompkins said. “It seems like that’s a fairly high cost for the benefit. You could have just bought the people the cars and spent the same amount. There are other ways that money could have been spent that might have produced a bigger benefit.”
And while car sales rose from September to October, the Edmunds study shows that the increase would have been higher without the program.
After all of this Bull auto sales still DROPPED. I hate being duped, don’t you???