According to recent data, after spending nearly $3 billion in tax payer dollars (or was it China’s money?), the Cash for Clunkers program has helped Americans buy nearly 700,000 new cars.
While that’s certainly a lot of cars, not to mention a lot of help for the ailing auto industry, it seems as if the program’s reach was pretty narrow.
In order to have been eligible for the Cash for Clunkers program, you needed to trade in a vehicle you’ve owned for over a year that got an EPA estimated combined city/highway gas mileage of 18 mpg or less, and used the $3,500 to $4,500 voucher to buy or “long-term lease” a vehicle that gets between four to 10 mpg higher for the $3,500 credit or more than ten mpg higher for the $4,500 credit.