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by keithold is a prodigal bagger on October 29th, 2009

keithold is a prodigal bagger

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Did the "Cash for Clunkers" scheme work?

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  • by OhLook - IamNoLongerAnonymous on October 29th, 2009

    OhLook - IamNoLongerAnonymous

    Work for what? Did it get higher gas burning cars off the road? Sure. Did it help the economy? Of course not. In fact, it caused harm.

    First, it took 1.1% of the cars in America off the road and out of the marketplace. More specifically, it took 650,000 (most low priced used cars) out of the marketplace. That decrease in supply will translate to an increase in cost. Thus, all you people struggling to make ends meet, but are in need of a car, will now have to buy a new car or pay more for a used car.

    Second, the program had a minimal affect on long term sales. Dealers sold many cars during the program, but most of those sales were to people who planned to buy in the next few months anyway.

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