Final Tally: Clunkers Generates 690,114 Car Sales

Transportation Dept: "Came in under Budget"
Really? Didn't they have to add $2 Billion in funding just a few weeks ago?

Just like the housing market...How long until alot of these people who were driving a "Clunker" and are now driving a brand vehicle, suddenly can't afford their new car and start defaulting on the payments? Anybody? Did the Federal Government care to think that far ahead?...

We will look back on Cash for Clunkers and it will be seen as a disaster....

usatoday.com

Now that the government's cash-for-clunkers blowout is finally over, some fear a morning-after hangover of buyers' remorse and a sales drought for struggling auto dealers.
The offer of incentives to trade old gas guzzlers for new, more efficient vehicles resulted in 690,114 sales for which dealers applied for vouchers by the Transportation Department's Tuesday deadline. The taxpayers' cost will be nearly $2.9 billion.

Now there's a calm after the storm. Car-shopping service Edmunds.com says half as many people are researching a new car purchase on its website as were looking during the peak of the clunker frenzy. Traffic is even off 10% from June levels, ahead of the clunker kickoff on July 27.

Edmunds CEO Jeremy Anwy: "Cash for clunkers distorted the market in a way that benefited the industry for four weeks. Now, the payback begins,"

Autoguide reported that Ford had 5 of the 10 cars on the Clunkers list, and the 84% of the vehicles traded in were Trucks/SUV's

Eight of the top 10 new cars purchased through the program came from Honda, Hyundai, Nissan and Toyota, which claimed the top spot with its Corolla. The Corolla, Honda Civic and Ford Focus are manufactured in the United States.

By contrast, all of the top 10 clunkers turned in were made by a Detroit company, with the four-wheel-drive Ford Explorer SUV, Ford F-150 pickup and the four-wheel-drive Jeep Grand Cherokee taking the top three spots