After one month, an extra $2 billion in funding and an absolute mess of paperwork, Cash for Clunkers has finally petered out. The final numbers are in and the program resulted in 700,000 sales totaling $2.877 billion in $3,500 and $4,500 vouchers handed out at dealerships across the nation. An additional $100 million was set aside for administration costs, or about $144 for every claim processed, leaving $23 million in the kitty.
In all, 84% of participating customers traded in pickup trucks, and 59% ended up with passenger cars. The other 41% was split up among crossovers, SUVs and new pickups. The Transportation Department says the program resulted in a 58% improvement in fuel economy for the new vehicles, as the outgoing models averaged 15.8 mpg while the new models averaged 24.9 mpg.
At the onset of C4C, Detroit automakers appeared to be getting a sizable share of turn-ins, but import automakers gained ground on the domestics as the program wore on. Ford, GM and Chrysler combined to take 38.6% of overall Clunkers transactions with Chrysler coming in last with an unimpressive 6.6% chunk.
The Detroit Free Press is reporting that the Toyota Corolla was the most purchased car under the program, followed by the Honda Civic and Toyota Camry. The Ford Focus and Escape were the only domestics to make the top 10, though Edmunds has pointed outa that the government vehicle counting process is outdated, messing up the top 10 tally. The Ford Explorer 4WD was the most turned in vehicle under C4C, while the 2WD Explorer finished 4th. Hit the jump to check out the ten most purchased and most turned in vehicles under the Clunkers program.
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