How Many Clunkers Traded In?
http://www.msnbc.msn.com/id/32567404/ns/business-autos/
The Cash for Clunkers program sold close to 700,000 cars, thus lifting July sales on an annualized basis to 11.2 million; the first time that the annualized rate has moved over 10 million in 2009. What did this program achieve? For a month it looked like the good, old days were back in the automobile industry. Dealerships which were practically closed reopened, and factories brought back laid off staff. Dealers hired extra staff to complete the paperwork and customers went home with a brand new car.
Can this momentum be sustained? It is hard to say. Are the consumers happy? Research data is beginning to show that many are not sure if it was a wise thing to trade in a fully paid car for a new financed one. The next few months will tell us, whether this program achieved long term success.
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