If the $1 Billion Cash for Clunkers has already used it's entire $1Billion, then how many new vehicles had to have been purchased? Assuming that all the new purchases qualified for the largest amount of $4500, that would mean 222,222 new vehicles have been purchased in four days. Over two hundred twenty two thousand new vehicles? Where are they?
I haven't heard the dealers raving about this incredible buying spree. I haven't heard the manufacturers celebrating all these vehicles moving off the lots and making room for new ones. I haven't heard a single person go on about how much money they just saved on their new venicle. In fact, I don't know anyone who has purchased a new vehicle in the last month.
So, just why did they discontinue the Cash for Clunkers program? And where did the money actually go?
UPDATE: Holger has some details on this including "Edmunds AutoObserver says that as of the morning of July 30th, "$858 million remained to fund the clunkers". "
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Worse, the dealers are out advertising money, paying for ads promoting a program that the government has jerked back.
Still, this is one "Stimulus" that was working - money in the hands of the people, choices in the hands of the people, money flowing, sales up, increased revenue trickle up and trickle down - State of CA stood to make about $4,000 per car, with taxes and registration fees...
Look at this now, what will it be like when you are handing out free health care and operations - do you trust the govt?
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