Thread: 5 things you need to know about: Cash for Clunkers

5 things you need to know about: Cash for Clunkers, Part Deux

By Jennifer Davies
Union-Tribune Staff Writer
2:00 a.m. August 8, 2009

The Senate just approved an additional $2 billion for the popular, if somewhat controversial, car trade-in program so it can keep on motoring – at least until Labor Day.

Here's an update:

Economic benefits. The program has certainly given the economy a boost, as auto sales in July were the best they've been in almost a year, not only helping ailing car dealerships but also giving cities some much-needed tax revenue. Still, economists and car industry experts say that after the program ends, car sales will probably falter or flatten. Boo.

Environmental benefits. According to calculations by The Associated Press, the program could reduce carbon dioxide emissions by as much as 2.1 million tons a year. Here's an inconvenient truth: The United States discharged 6.4 billion (yeah, that's billion with a B) tons of carbon dioxide into the air last year. Still, it's a start – just a very small one.

What's getting ditched? The top five models being traded in are the Ford Explorer, the Ford F150 pickup, the Jeep Grand Cherokee, the Jeep Cherokee and the Dodge Caravan.

What's getting picked? The top five models being purchased are the Toyota Corolla, the Ford Focus, the Honda Civic, the Toyota Prius and the Toyota Camry. The U.S. Department of Transportation points out that the Big Three account for 45 percent of all the new vehicles being purchased through the program. (Not getting any clunker love: Volvo accounts for just 0.1 percent of sales.)

Where's the money going? Michigan, home to the stalled Motor City, has requested the most clunker dollars, with car dealers there asking for about $44 million in vouchers as of Wednesday. California came in second with a request for almost $40 million. Wyoming asked for the least amount of clunker money, with just $530,000 in voucher requests.

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