Wednesday, November 11, 2009
Assessing the Cash for Clunkers Program
Through a FOIA request, the Associated Press obtained information about the Cash for Clunkers program, covering 677,081 trade-ins through October 16.
They discovered that the most common deal was buyers trading in their old Ford 150 pickups for new Ford 150 pickups. The new trucks boast a fuel economy of less than 20 mpg, and just 1 to 3 mpg better than the old trucks.
Overall, the AP reports taxpayers subsidized deals totaling $562,500 for new cars and trucks that got worse mileage than the trade-ins.
Click here for more details.