Cash for Clunkers Final Numbers

The NHTSA issued a press release with the final numbers from the Cash for Clunkers program which is showing that the number of transaction did not exceed the $3 billion in funding. This is good new for car dealers and consumers since the possibility of needing additional funding was discussed.

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C.A.R.S. Program Statistics
Wednesday, August 26th, 2009

Dealer Transactions
Number Submitted: 690,114
Dollar Value: $2,877.9M

Top 10 New Vehicles Purchased

1.  Toyota Corolla
2.  Honda Civic
3. Toyota Camry
4. Ford Focus FWD
5. Hyundai Elantra
6. Nissan Versa
7. Toyota Prius
8. Honda Accord
9. Honda Fit
10. Ford Escape FWD

New Vehicles Manufacturers

1. Toyota 19.4%
2. General Motors 17.6%
3. Ford 14.4%
4. Honda 13.0%
5. Nissan 8.7%
6. Hyundai 7.2%
7. Chrysler 6.6%
8. Kia 4.3%
9. Subaru 2.5%
10. Mazda 2.4%
11. Volkswagen 2.0%
12. Suzuki 0.6%
13. Mitsubishi 0.5%
14. MINI 0.4%
15. Smart 0.2%
16. Volvo 0.1%
17. All Other <0.1%

Top 10 Trade-in Vehicles

1. Ford Explorer 4WD
2. Ford F150 Pickup 2WD
3. Jeep Grand Cherokee 4WD
4. Ford Explorer 2WD
5. Dodge Caravan/Grand Caravan 2WD
6. Jeep Cherokee 4WD
7. Chevrolet Blazer 4WD
8. Chevrolet C1500 Pickup 2WD
9. Ford F150 Pickup 4WD
10. Ford Windstar FWD Van

Vehicles Purchased by Category

• Passenger Cars: 404,046
• Category 1 Truck: 231,651
• Category 2 Truck: 46,836
• Category 3 Truck: 2,408

Vehicle Trade-in by Category

• Passenger Cars: 109,380
• Category 1 Truck: 450,778
• Category 2 Truck: 116,909
• Category 3 Truck: 8,134

84% of trade-ins under the program are trucks, and 59% of new vehicles purchased are cars. The program worked far better than anyone anticipated at moving consumers out of old, dirty trucks and SUVs and into new more fuel-efficient cars.

Average Fuel Economy

• New vehicles Mileage: 24.9 MPG
• Trade-in Mileage: 15.8 MPG
• Overall increase: 9.2 MPG, or a 58% improvement

Cars purchased under the program are, on average, 19% above the average fuel economy of all new cars currently available, and 59% above the average fuel economy of cars that were traded in. This means the program raised the average fuel economy of the fleet, while getting the dirtiest and most polluting vehicles off the road.