On Thursday President Obama signed into law H. R. 3435 supplementing $2 billion to the National Highway Traffic Safety Administration (NHTSA) of the Department of Transportation (DOT) for the Consumer Assistance to Recycle and Save Program. The CARS (Car Allowance Rebate System) program, or Cash for Clunkers as it has been called, has been extremely successful.
Below is President Obama’s statement:
“I want to thank the United States Senate for acting in a bipartisan way to use Recovery Act funds to extend the ‘Cash for Clunkers’ program. Now, more American consumers will have the chance to purchase newer, more fuel efficient cars and the American economy will continue to get a much-needed boost. ‘Cash for Clunkers’ has been a proven success: the initial transactions are generating a more than 50% increase in fuel economy; they are generating $700 to $1000 in annual savings for consumers in reduced gas costs alone; and they are getting the oldest, dirtiest and most air polluting trucks and SUVs off the road for good. Businesses across the country – from small auto dealerships and suppliers to large auto manufacturers – are putting people back to work as a result of this program. I want to thank Leader Reid and the members of the Senate who moved quickly to extend a program that benefits our recovery and our auto industry while reducing our economy’s dependence on oil.”
So what vehicles are selling? According this CNN report (with data from the National Highway Traffic Safety Administration), the top ten selling cars in the “Cash for Clunkers” program are:
1. Ford Focus
2. Toyota Corolla
3. Honda Civic
4. Toyota Prius
5. Toyota Camry
6. Ford Escape
7. Hyundai Elantra
8. Dodge Caliber
9. Honda Fit
10. Chevy Cobalt
But apparently there are discrepancies on how the vehicles are reported.
In this CNN report (analysis from Edmunds.com), the top selling vehicles are:
1. Ford Escape
2. Ford Focus
3. Jeep Patriot
4. Dodge Caliber
5. Ford F-150
6. Honda Civic
7. Chevrolet Silverado
8. Chevrolet Cobalt
9. Toyota Corolla
10. Ford Fusion
The explanation…
“Edmunds.com uses traditional sales measurements, tallying sales by make and model. The government uses a more arcane measurement method that subdivides models according to engine and transmission types, counting them as separate models.” See the full report at CNN.com
The first billion dollars appropriated didn’t last long. If you were thinking about trading in your clunker, you had better do it soon! Go to CARS.gov for complete program details.
