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The Stats on Cash for Clunkers
Posted by: Heather M on August 4, 2009 at 6:38AM PST
Yesterday, Senator Diane Feinstein publicized the stats she received from the National Highway Traffic Safety Administration (NHTSA) on the Cash for Clunkers program, and they're pretty darn good. Let's take a look. Of the 120,000 sales reviewed so far:

  • The fleetwide average fuel economy of new vehicles sold under the program is 22 percent higher than the average fuel economy of all new vehicles sold in 2008
  • Almost 60 percent of new sales were passenger cars
  • 34.8 percent were SUVs and light trucks
  • Only 5.5 percent were the big trucks that posed a concern for us
  • The average voucher was $4,237, which means that the vast majority of sales are for more efficient vehicles that qualify for the higher voucher value of $4,500
  • Another 100,000-130,000 vouchers can be processed before the $1 billion is fully spent

Cong. Ed Markey also reported some stats from the program:

  • During the week that the ‘Cash for Clunkers’ program was launched, GM’s small car sales increased 54.8 percent over the preceding week
  • The leading Ford vehicle being purchased under the program is the 28 mpg Ford Focus at nearly 30 percent of all Ford sales
  • Toyota reports that 78% of their Cash for Clunkers volume were the Corolla, Prius, Camry, RAV 4 and Tacoma, with a resulting average of 30 mpg
  • Hyundai is reporting a 59 percent increase in fuel economy compared to the old vehicle—which averaged 140,000 miles

Don't listen to the talking points spouted off by the opponents - this is turning out to be an extremely successful program.

"What we’ve learned is that American consumers are choosing vehicles with much higher fuel efficiency than is required," said Sen. Feinstein in her news release. "To date, it has proved to be both a stimulus and a fuel efficiency program. It’s clear that consumers are trading in their old, inefficient trucks for more fuel efficient vehicles. That’s really a credit to the American people who understand that the price of gas is on the rise and that improved mileage is important."

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