Cash for Clunkers

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'Cash for Clunkers' Polluted America: Report

Federal program left millions of tons of waste in junkyards

(Newser) - "Cash for Clunkers" made America cleaner, right? Not according to a report that says the scrapping of old vehicles left a shocking amount of twisted metal in junkyards—some 3 million to 4.5 million tons of waste, RawStory reports. The feds touted the program as pro-green because Americans... More »

Be Wary of Cash-for-Clunkers-o-Nomics

Demand for new equipment will spike, then collapse

(Newser) - So President Obama is going to give businesses a break by letting them write off 100% of the cost of new equipment and plants. Welcome to "cash-for-clunkers-o-nomics," writes Joe Weisenthal at Business Insider . In a tepid economy, probably the only companies that take advantage will be those that... More »

Cash for Clunkers Vastly Underrated: Researchers

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.... More »

Here Comes Cash for Caulkers

Obama gets behind incentives for weatherizing, energy efficiency

(Newser) - Gentlemen, start your weatherizing. Cash for Caulkers, a program to provide financial incentives to homeowners to make their abodes more energy-efficient, looks like a go. The stimulus proposal has been kicking around Washington for a few weeks, but President Obama has taken a shine to it, reports the New York ... More »

New 'Cash for Clunkers' Targets Appliances

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... More »

GM to Repay Bailout Early, Posts (Smaller) $1.2B Loss

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... More »

Most Replaced Clunker With ... Another Guzzler Like This

Most common trade was old pickup (15-17 mpg) for new (1-3 better)

(Newser) - Think most who traded in a clunker under the government’s fuel-efficiency incentive program are now driving a hybrid? Guess again: The most common swap was an old, gas-guzzling pickup for a new, just-slightly-less-gas-guzzling pickup, AP analysis finds. Ford’s F150 is a prime example—it gets 1-3 mpg more... More »

Ford Posts $1B Q3 Profit

Surprise swing to black driven by cost cuts, Cash for Clunkers

(Newser) - Ford earned $1 billion in the third quarter, fueled by US market share gains, cost cuts, and the government's Cash for Clunkers rebates. The automaker, reporting net income of $997 million, or 29 cents per share. says it now expects to be "solidly profitable" in 2011. The company lost... More »

White House Takes Crack at Car Website

Blog post assails Edmunds.com's view of 'clunkers' initiative

(Newser) - The administration has picked another fight with a media outlet, but not one that employs Glenn Beck. The White House blog took aim at Edmunds.com, which had posted a scathing assessment of the “Cash for Clunkers” program. The snarky post argues that Edmunds must have been “covering... More »

US GDP Jump Hollow if Unemployment Keeps Rising

... and it's still rising faster than before recession

(Newser) - News that the US gross domestic product jumped 3.5% in the third quarter cheered investors and others, but the cheers will ring hollow if unemployment keeps rising, John Authers writes. Consumer spending rose even as disposable income fell—“ not a pattern that can be sustained for long, and... More »

Clunkers Drives Ford's August Sales Up 17%

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
... More »

Cut-Rate Hyundai Gets Major Mileage Out of Downturn

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... More »

700K Cars Sold Under Clunkers

(Newser) - The final numbers for the Cash for Clunkers are in, and they’re pretty rosy, the Los Angeles Times reports. Dealers had until yesterday to file for rebates, and the total was 690,114 new cars sold—and 690,114 clunkers traded in—for a total of $2.9 billion,... More »

Next Clunkers You Can Cash In On? Appliances

(Newser) - If you missed out on cashing in on that clunker in your driveway, your next chance may be no farther than the kitchen, USA Today reports. Stimulus funds that will give consumers rebates as high as $200 for replacing old, inefficient appliances with newer models are due to start flowing... More »

After Clunker Frenzy, Dealers Expect a Slump

(Newser) - Just as the "cash for clunkers" program sparked a boom in auto sales, its cancellation will likely depress the industry, CNNMoney reports. As of today, the last day of the government-funded incentive, rebate applications for 625,000 trade-ins totaling $2.58 billion had been submitted. “We're definitely going... More »

Procrastinators Rush In as Clunkers Runs Out

(Newser) - Cash for Clunkers revved into overdrive during its final weekend, the New York Times reports. After Thursday’s announcement that the Car Allowance Rebate System would end tomorrow at 8pm, consumers across the country raced to dealerships, resulting in long lines, epic haggling sessions, and hours of overtime work. “... More »

'Clunkers' Ends Monday

(Newser) - The Obama administration will end the $3 billion Cash for Clunkers program at 8pm Monday, giving car shoppers a few more days to take advantage of big government incentives. Dealers have complained about sluggish reimbursements, but Transportation Secretary Ray LaHood said the program has been "a lifeline to the... More »

GM Will Advance Cash to Clunkered Dealers

(Newser) - General Motors will start making temporary loans to dealers who have yet to be reimbursed by the federal government under the Cash for Clunkers plan, the Wall Street Journal reports. Dealers, some now irate, essentially did the same thing for customers participating in the trade-in plan—covering the government rebate... More »

Dealers to Feds: Where's Our Clunker Cash?

(Newser) - The Cash for Clunkers program certainly isn’t breaking any speed limits, according to the National Automobile Dealers Association, which believes the government is sitting on millions of dollars in dealer applications waiting to be reimbursed. “It is ludicrous at this point,” says the group’s president. “... More »

Pry My Clunker From 'My Cold, Dead Fingertips'

(Newser) - Some cars’ gas mileage is good enough to make them ineligible for the cash-for-clunkers program—but that’s not the only reason David Holahan doesn’t want to turn in his old rides. “I’m all for stimulating the economy, cleaning air, and improving fuel economy,” he writes... More »

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