Cash for Clunkers is a government run program for the residents of the U.S. In this program you can trade in your old gas guzzling clunker for credit to by a new car. If your car is eligible you can get up to $4,500 of credit.
The first batch of government money put in the program is depleted and the program will probably be renewed. President Obama stated that the program "has succeeded well beyond our expectations all expectations."
This plan has worked and most dealerships have seen an increase in sales but has Cash for Clunkers really jump started our economy?
One of the most important statistics to know is that the most popular car to trade in is a Ford Explorer and the most popular car to by with the credit…The Toyota Corrola. Although the Toyota Corrola is the most popular car sold in the U.S. it's still a foreign automaker.
I believe this plan is not helping dealerships with U.S. cars as much as it's helping dealerships with Japanese designed cars.
Do you think we should continue to renew this program for a while or do you think taxpayer dollars should go to a different cause?