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Dealer/GM News | Pre-Owned Sales & Marketing Strategies | Sales & Marketing
August 13, 2014

Study: ‘Cash for Clunkers’ an Even Bigger Lemon than Thought

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Dealer/GM News | Pre-Owned Sales & Marketing Strategies | Sales & Marketing
August 13, 2014

Study: ‘Cash for Clunkers’ an Even Bigger Lemon than Thought

cash for clunkersCash for clunkers an even bigger lemon than thought, according to Fox News.

The government’s “Cash for Clunkers” program – pitched as a plan to jump-start U.S. auto sales and clean up the environment by getting gas-guzzling vehicles off the road — may have been a clunker itself, according to a new economic study.

Researchers at Texas A&M, in a recently released report, measured the impact of Cash for Clunkers on sales and found the program actually decreased industry revenue by $3 billion over a nine-to-11-month period. Meanwhile, the “stimulus” also cost taxpayers $3 billion.

The Car Allowance Rebate System, commonly called Cash for Clunkers, was part of a 2009 economic stimulus program that was sold as a lifeline from the federal government to a sinking U.S. auto industry.

The program let people turn in their old cars for up to $4,500 in cash to be used toward the purchase of a more fuel-efficient alternative. Nearly 700,000 vehicles were traded in through the program.

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Dealer/GM News•Pre-Owned Sales & Marketing Strategies•Sales & Marketing

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