I work in the automotive industry and after 5 days of the cash for clunkers program the statistics fall as follows; 7 out of the top 10 vehicles sold are made by either Toyota, Honda, or Hyundai. The other 3 are Ford Fusion, Volkswagen Passat, Nissan Sentra. None of the top ten are made by either GM nor Chrysler.
Posted by Bobby, a resident of the Del Prado neighborhood, on Aug 4, 2009 at 11:23 am
Focus made in Mexico, Escape made in Mexico and Kansas City, Caliber made in Mexico, Corolla made in Toronto and California, Camry made in Kentucky, Prius in Japan and China, Civic made in Japan, Hyundai made in Korea, Fit made in Japan. Another well thought our program by our elected officials.
Posted by Pleasanton Parent, a resident of the Pleasanton Meadows neighborhood, on Aug 4, 2009 at 1:48 pm
The market value of the cars traded in has to be below $4,500 otherwise people would have sold them private party or traded them into the dealer for a value greater than the $4,500. So I don't think the used car market really suffered from a lack of available inventory - espeically the used vehicle market above the $4,500 price point. Additionally, qualifying vehicles had to meet EPA mpg requirements, so you're really talking about vans, trucks, and SUVs with a market value of under $4,500. I don't think much harm was done in terms of taking used inventory out of the pool.
Regarding spare parts, all vehicles can be completely stripped for spare parts with exception to the motor. The motor and frame have to be crushed.
Something good is happening in the economy and they feel the need to complain. What an Eeyore!
My family greatly benefited from this program. We were hanging on to our clunker, still driving it, praying it wouldn't die. We would have gotten nothing for it and couldn't ever afford a new car. With the rebate, we were able to trade it in, get a more fuel efficient car, and at a price that we can afford to pay. I spoke with all of the additional people surrounding the car industry that are benefiting from this lift to their business- from the salesperson to the loan agent....it is a domino effect. Ford is seeing a profit for the first time in two years.
It's ok to be happy/postive about something going right in the economy, regardless of what party you belong to.