Cash-for-Clunkers debacle generated few new sales

Nearly 700,000 new vehicle were sold using incentives provided by the government's $3 billion Cash-for-Clunkers program that was intended to spark the sagging fortunes of the U.S. auto industry and put legions of newer, more fuel-efficient and environmentally friendly vehicles on the roads.

But an analysis by Edmunds.com found that the program actually generated only about 125,000 sales that wouldn't have happened anyway in the normal course of things, meaning each new sale cost taxpayers $24,000 instead of the $3,500 to $4,500 rebates that were offered.

 Predictably, rather than responding to the specifics of the Edmunds.com' analysis, a spokesman for the Transportation Department, which administered Cash-for-Clunkers, dismissed it, telling CNN Money that Edmunds has “had only negative things” to say about the program.

Auto industryBeltway Confidentialcash for clunkersUS

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

SF mayor, supervisor tested after exposure to COVID-19

Mayor London Breed and Supervisor Shamann Walton were notified Wednesday that they… Continue reading

‘No timetable’ for cable car return, SFMTA says

How the temporary absence of cable cars means more than just a loss of transit routes

As city schools weigh reopening, doubts about safety dominate conversations with teachers

‘If I don’t feel safe as an educator, how am I going to be prepared to teach?’

Breed’s bond for parks and homelessness gains support as it grows by nearly $50M

Renovation of Chinatown’s Portsmouth Square added to proposal

Health department guidelines for schools set rigorous standards for social distance, cleanliness

Health department guidance issued Wednesday for in-person instruction at San Francisco schools… Continue reading

Most Read