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September 1st, 2009

Update1 Top 10 Clunker Trade Ins and New Cars



We have been interestingly waiting to see which vehicles were most commonly traded in, and which new vehicles were purchased as a result of the Cash for Clunkers program. After all the drama surrounding C4C, would the program propel sales for domestic automakers?

Here are the supposed “final statistics” from CARS.gov –

Top 10 trade-in vehicles under C4C:

1. Ford Explorer 4WD
2. Ford F150 Pickup 2WD
3. Jeep Grand Cherokee 4WD
4. Ford Explorer 2WD
5. Dodge Caravan/Grand Caravan 2WD
6. Jeep Cherokee 4WD
7. Chevrolet Blazer 4WD
8. Chevrolet C1500 Pickup 2WD
9. Ford F150 Pickup 4WD
10. Ford Windstar FWD Van

So it seems that consumers were ready to trade in their American vehicles, but would they buy American again?

Top 10 new vehicles purchased with C4C voucher:

1. Toyota Corolla
2. Honda Civic
3. Toyota Camry
4. Ford Focus FWD
5. Hyundai Elantra
6. Nissan Versa
7. Toyota Prius
8. Honda Accord
9. Honda Fit
10. Ford Escape FWD

Wow, not only did domestics only crack the list twice, the only American brand represented in the top 10 vehicles purchased under C4C was Ford (no GM or Chrysler).

We found an odd statement in the National Highway Traffic Safety Association’s (NHTSA) release of their final numbers. According to the NHTSA (emphasis added):

84% of trade-ins under the program are trucks, and 59% of new vehicles purchased are cars. The program worked far better than anyone anticipated at moving consumers out of old, dirty trucks and SUVs and into new more fuel-efficient cars.”

While the program did result in a large number of truck and SUV trade ins (which to some equates the program as a success), does the NHTSA’s statement seem boorish to anyone else?

(hat tip: ConsumerWorld.org)

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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