Cash for Clunkers a Success Already: Jeeps Premiums and Automobiles and Motor Vehicles

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Cash for Clunkers a Success Already?

Way Too Early to TellGreat news! Cash for Clunkers was a success. So said Barack Obama on Thursday, August 20 - a few days before the program officially concluded. The White House followed up on Monday by estimating that
the program would boost third quarter GDP by as much as 0.3 or 0.4 percent. Over 40,000 jobs will have been created by the end of 2009, the report estimated. All this comes thanks to Dana Hedgpeth of the Washington Post (http://www.washingtonpost.com/wp-dyn/content/story/2009/08/24/ST2009082402379.html).The government funded Cash for Clunkers program allowed consumers to trade in old vehicles with poor gas mileage, and receive a $3,500 or $4,500 credit towards the purchase of a new, more fuel-efficient vehicle. The Associated Press (http://www.msnbc.msn.com/id/32497875/ns/business-autos/) reports that despite paperwork headaches, and an initial lack of funding, around 450,000 new cars were purchased. This brought cash into dealerships and car manufacturers’ bank accounts. It also created a revenue stream. Even a maximum credit of $4,500 won’t pay for a new car. People are buying on credit again, and will continue making car payments into the future. As a bonus, the fuel-efficiency of 450,000 cars on the road is much higher than they would have been otherwise. The environment and the economy were helped in one fell swoop advocates say - not a common claim in today’s world. Unfortunately, regardless of what President Obama and his staff may attempt to sell to the American people, the program can hardly be declared a success yet. For the hundreds of thousands of Americans behind the wheel of a new government subsidized car, the program is a success. The automotive industry, on the other hand will have to wait and see.

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Cash for Clunkers a Success Already?
Cash for Clunkers a Success Already?

Category Automobiles and Motor Vehicles


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Automobiles and Motor Vehicles

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