Wednesday, August 5, 2009

Cash for Clunkers Program. No Benefit to Bailed Out Chrysler and GM.

Over 80 percent of the vehicles traded in were trucks and sport-utility vehicles.

The top-selling new cars:

1. Ford Focus

2. Toyota Corolla

3. Honda Civic

4. Toyota Prius

5. Toyota Camry

The government has provided 1 billion dollars for this program. On Friday the House hastily moved to add $2 billion to the program by using money intended for energy loan guarantees. It's a shame that we could not find a way to benefit Chrysler and GM since we have invested so much into their survival. By the way, only 1 of these 5 top sellers was an American brand.

1 comment:

  1. From having lived in the Michigan area I learned that the whole "buy American" is more of a urban myth than actual reality. While Toyota is a Japanese company, it uses more US made parts than even some GM cars. So while this might not be helping GM, it surely is helping American companies.