Taxpayers Paid $24,000 Per Clunker

Remember my post on whether or not cash for clunkers was worth it? Well, doesn't think so, according to CNNMoney:

NEW YORK ( -- A total of 690,000 new vehicles were sold under the Cash for Clunkers program last summer, but only 125,000 of those were vehicles that would not have been sold anyway, according to an analysis released Wednesday by the automotive Web site


The average rebate was $4,000. But the overwhelming majority of sales would have taken place anyway at some time in the last half of 2009, according to That means the government ended up spending about $24,000 each for those 125,000 additional vehicle sales.


Paul @ Go Go Pets Hamster said...

Hmm, looks like that's not such a great scheme after all then! The Government recently introduced a very similar thing here in the UK, it'll be interesting to see if the figures work out about the same as in America. Having said that I quite like my old clunker, so I'll be hanging onto it for a few years yet! :D

Joshua said...

What a waste of taxpayer money....but what else is new...?

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