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David John
Angemeldet seit:
24.04.2022
Beiträge: 277
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Cash for Clunkers pushed sales that were going to occur in the near future forward by a couple of months. According to a study by Edmunds.com, only 125,000 of the 690,000 purchases would not have been made without the incentives, or in other words, over 80% of the purchases would have occurred even if ***** had not provided the $3,500 and $4,500 vouchers. Two University of Delaware economists determined that the program had a net cost of $2,000 per vehicle transaction and total costs outweighed benefits by $1.4 billion.
*The program reduced the supply of inexpensive vehicles. By forcing all traded-in vehicles to be destroyed the supply of inexpensive vehicles available to lower and middle class households was greatly reduced. This reduced supply in turn caused an increase in price for similar vehicles available for sale, thus forcing households to spend more for used cars.
*Japanese and Korean automakers gained market share from the Big Three (General Motors, Ford, and Chrysler). Toyotas accounted for almost 20% of the total sales, while Hondas represented 13% of the total sales. Seven of the top 10 models sold were foreign cars or trucks with the Ford Focus, Chevrolet Silverado, and Ford F-150 being the only models manufactured by US auto companies to crack the top 10. The top 3 purchased vehicles were the Toyota Corolla, Honda Civic, and Toyota Camry.
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