'Cash for Clunkers' Can't Beat Buying Used

Trade in program generated roughly 542,000 sales

(NEWSER) - Cash for Clunkers was far more effective than anyone is giving it credit for, says a new study from Maritz Automotive Research Group. In their survey, 90% of program participants say they wouldn’t have purchased a new car without the government incentive—a far higher percentage than previous estimates. The group also notes that, while sales dipped immediately after the program ended, they remained higher than they had been before it. More»

Feds hope next consumer perk will boost sales

(NEWSER) - A new federal version of the Cash for Clunkers program will soon target appliances in a bid to convince consumers to replace their leaky dishwashers and grinding refrigerators. The $300 million Cash for Appliances program will offer rebates to buyers who replace worn out appliances with energy efficient models. Just how much the program will boost the economy is wide open for debate among economists, notes the Washington Post. More»

Auto giant speeds $1.2B per quarter repayment sked

(NEWSER) - General Motors will start repaying its $6.7 billion debt to the US and Canadian governments early, with $1.2 billion quarterly payments beginning next month, reports the Detroit News . The accelerated repayment plan is a strong indication that finances are looking up for the troubled automaker, which today posted a $1.2 billion loss in its first quarterly report since leaving bankruptcy in July—far better than anticipated in what the AP notes is a sign the automaker's turning around. More»

Hyundai surges 47%; GM drops 20% and Chrysler 17%

(NEWSER) - Cash for Clunkers reverberated through August auto sales reports released today, with Ford and Hyundai scoring big jumps, the Wall Street Journal reports. The winners and losers:

• Ford's light vehicle sales rose 17% year-over-year, with the Focus and Escape both in the top eight most popular vehicles purchased through the Clunkers program.
• Hyundai's sales surged 47%.

Once a joke, South Korean automaker is No. 4 in global sales

(NEWSER) - As the recession batters most automakers, onetime industry laughingstock Hyundai is riding high. The South Korean company just had its best retail month ever, the Washington Post reports. Its share of the US market rose from 3.6% to 4.6%, and it passed Ford to become fourth in global sales. Perceived, like McDonald's and Wal-Mart, as a value-priced brand, Hyundai has escaped the shadow of quality problems that dogged the company in the 1980s. More»