Cash for clunkers cost taxpayers $24k per car

[hedgehog]

great job wasting our tax money:sadwave:
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from msn.money

The U.S. government is calling its Cash for Clunkers program a big success, with nearly 690,000 vehicles sold in July and August. But a report by automotive Web site Edmunds.com says the program actually cost taxpayers $24,000 per car sold.

Only 125,000, or 18%, of the sales were incremental, according to Edmunds.com -- the remaining 82% of sales would have happened regardless of the program.

The $24,000 is the price for the sales of vehicles that were a direct result of the program, Edmunds.com said.

The clunkers program gave car buyers rebates of up to $4,500 if they traded in less-fuel-efficient vehicles for new vehicles that met certain fuel-economy requirements. The government set aside $3 billion for those rebates.

 

[WhatsHisNuts]

Ummm, am I the only one that doesn't understand the math of $4,500 turning to $24,000?

 

[THE KOD]

yeh if you recall at the time there were no cars being sold .

Zilch , nada , none

So anyone saying they would have happened anyway is just stupid.

Geez Louise where does he get this stuff.

 

[WhatsHisNuts]

yeh if you recall at the time there were no cars being sold .

Zilch , nada , none

So anyone saying they would have happened anyway is just stupid.

Geez Louise where does he get this stuff.

You have to be a complete moron to post some of the nonsense these guys throw out here on this site. Glad to see someone else sees through the fog of crap.

 

[Chadman]

I can tell you without a doubt that EVERYONE in my area, and in the area I work in (The Twin Cities) that were thinking of buying a car during this time period was because of this program.

To say that during the incredibly tough economic times we were in that 82% of the nice new cars that were sold during this timeframe were because regular people just wanted to buy new cars is just stupid. People were flocking to the dealerships to try to unload their old clunkers, and not so clunkers, to take advantage of this program. I talked to dealers, individuals, regular folks, etc.

This report, IMO, is BULLSHIT.