The Dept of Transportation announced some more numbers for the CARS program (Cash for Clunkers). With 180,000 sales processed, the Ford Focus is no longer the top vehicle being purchased. (Source: Autonews). Instead, the Toyota Corolla is now the number one vehicle consumers have purchased using the up to $4,500 in rebates when they trade in their 'clunker' to be recycled.
The top five vehicles purchased so far:
- Toyota Corolla
- Ford Focus
- Honda Civic
- Toyota Prius
- Toyota Camry
Over 80 percent of the trade-ins were light trucks, sport utilities, pickups and vans. 59 percent of the new vehicles are passenger cars. The fuel economy of the trade-ins has average 18.5 mpg, while the fuel economy of the new purchases is averaging 25.3 mpg.
Federal reimbursements have been sent out to the tune of $775.2 million so far.
The Senate is expected to pass (without amendments) the same version of the bill the House passed last week to fund the program with another $2 billion. If any amendments were approved, the House and Senate would need to get together and work out the bill. With the House already on recess, that would delay the funding of the program.
The Obama administration has stated they would have to suspend the program at the end of the week if new funding was not approved by Congress.
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