Cash for Clunkers program exceeded expectations
By Andrew C., 30 Aug, 2010. 0 Comments
The Cash for Clunkers program exceeded expectations and boosted the US car market even further than government forecasts, according to CNNMoney, citing a report by Maritz Research, an automotive market research company. The incentive scheme reportedly resulted to sales of 765,000 new vehicles, more than double than the estimate by US Department of Transportation of 346,000 units. Meanwhile, government reports indicate the sales of 677,000 new cars bought through the program. Maritz asserted that 542,000 of these cars were acquired by customers who wouldn’t have bought a vehicle otherwise. Aside from that, there were 223,000 people who went to car showrooms, were found ineligible for the program, but still purchased one anyway. Maritz vice-president David Fish announced that these results are evident that the CARS program “did not impede future sales." The survey was conduced on 36,000 people who bought a new car or truck from July to August 2009, which is the period when Cash for Clunkers was available.
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