Last Auto Account –
Uncle Sam chipped in to advice 690,114 Americans buy a new car over the 29-day amplitude that concluded Monday, at a bulk of $2.88 billion.
The federal government arise final numbers on the Cash for Clunkers trade-in affairs backward yesterday. The Los Angeles Times reports, “The monthlong affairs comes in just beneath its $3-billion budget. California dealers appeal the better allotment of reimbursements: $326.8 million.” Dealers are still “awaiting millions of dollars in payments,” as they were appropriate to complete affairs afore applying for agenda funds – and the all-inclusive majority of the vouchers abide unpaid.
The affairs appears to acquire helped adopted carbuilders added than American companies. The Washington Column reports, “The takeaway is appealing stark: Buyers traded in American cars for Japanese vehicles.” All ten of the top ten trade-ins beneath the affairs were American SUVs, pickups or minivans. Eight of the top ten new purchases were cars congenital by Asian automakers, admitting a lot of are congenital in the United States.
The boilerplate auto traded-in, the Column reports, had an EPA ammunition abridgement appraisement of 15.8 afar per gallon. The boilerplate new car purchased, 24.9 – an advance of 9.1 afar per gallon.
Toyota, the AP reports, benefited most, capturing 19.4 percent of Cash for Clunkers sales. General Motors followed with 17.6 percent, with Ford, Honda and Nissan rounding out the top five.
As the affairs approached its conclusion, the auto industry set a record, with Americans affairs added cars per day than anytime before. Now, the industry is larboard to accord with the longer-term furnishings of the sales binge. The L.A. Times reports, “Auto analysis close Edmunds.com predicted Wednesday that the industry ‘is acceptable to acquaintance a aching hangover’ afterwards the monthlong cash-for-clunkers party.” In an Edmunds survey, “The bulk of humans who intend to buy a new car in the next two months was down 50% from the aiguille of the clunkers affairs and 11% from the boilerplate in June.”
Some buyers, meanwhile, were ambidextrous with morning-after worries. Edmunds Inside Line letters that, in a “new analysis by CNW Purchase Path, of Bandon, Oregon, finds that of about 1,000 Cash for Clunkers participants, 17 percent say they acquire some or austere doubts that they should acquire fabricated the new-vehicle acquisition.” Why? A lot of of those buyers afraid about authoritative their new car payment. ‘They are now adverse a $275-$350-per-month car transaction that didn’t abide above-mentioned to accepting the car or truck” the address said. “That amount, they say, could abnormally appulse the absolute ancestors account added than accepted above-mentioned to affairs the new vehicle.”
Top 10 Trade-Ins
10. Ford Windstar (front-wheel drive)
9. Ford F-150 (four-wheel drive)
8. Chevrolet C1500 (two-wheel drive)
7. Chevrolet Blazer (four-wheel drive)
6. Jeep Cherokee (four-wheel drive)
5. Dodge Caravan/Grand Caravan (two-wheel drive)
4. Ford Explorer (two-wheel drive)
3. Jeep Grand Cherokee (four-wheel drive)
2. Ford F-150 (two-wheel drive)
1. Ford Explorer (four-wheel drive)
Top 10 New Cars Purchased
10. Ford Escape (front-wheel drive)
9. Honda Fit
8. Honda Accord
7. Toyota Prius
6. Nissan Versa
5. Hyundai Elantra
4. Ford Focus (front-wheel drive)
3. Toyota Camry
2. Honda Civic
1. Toyota Corolla
If you’re in the bazaar for a new car, analysis out the U.S. Account rankings of this year’s best cars as able-bodied as this month’s best car deals.
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