Feds Release Final Cash for Clunkers Numbers
The government’s Cash for Clunkers program resulted in 690,114 transactions worth $2.88 billion, according to the Department of Transportation. The DOT released its final numbers today.
Toyota was the big winner, accounting for 19.4% of sales through the program. GM was responsible for 17.6% of sales and Ford 14.4%. The best-selling cars were the Toyota Corolla, Honda Civic, Toyota Camry and Ford Focus, in that order.
U.S. automakers accounted for every one of the Top 10 traded-in vehicles, the most popular being the Ford Explorer four-wheel drive, Ford F-150 two-wheel drive, Jeep Grand Cherokee four-wheel drive and Ford Explorer two-wheel drive.
The White House Council of Economic Advisors said the increase in car sales for July and August boosted third quarter economic growth by as much as 0.4 percentage points. The program also created or saved an estimated 42,000 jobs during the second half of the year, according to the White House.
Officials said 84% of the traded-in vehicles were trucks, and 59% of the vehicles purchased were passenger cars. The average clunker was rated at 15.8 mpg, while the new vehicles purchased averaged 24.9 mpg, for a 58% improvement in fuel efficiency.
Check out more numbers after the jump.
Top 10 Trade-Ins
10. Ford Windstar (front-wheel drive)
9. Ford F-150 (four-wheel drive)
8. Chevrolet C1500 (two-wheel drive)
7. Chevrolet Blazer (four-wheel drive)
6. Jeep Cherokee (four-wheel drive)
5. Dodge Caravan/Grand Caravan (two-wheel drive)
4. Ford Explorer (two-wheel drive)
3. Jeep Grand Cherokee (four-wheel drive)
2. Ford F-150 (two-wheel drive)
1. Ford Explorer (four-wheel drive)
Top 10 New Vehicles Purchased
10. Ford Escape (front-wheel drive)
9. Honda Fit
8. Honda Accord
7. Toyota Prius
6. Nissan Versa
5. Hyundai Elantra
4. Ford Focus (front-wheel drive)
3. Toyota Camry
2. Honda Civic
1. Toyota Corolla
How the Automakers Did