Good News!… Cash for Clunkers a Boon For Japanese Carmakers
The Toyota Corolla is the top selling car in the Cash for Clunkers program.
The US’s cash-for-clunkers scheme, designed to bolster Detroit’s embattled carmakers, is turning out to be an even bigger boon for their Japanese rivals.
According to data published by the National Highway Traffic Safety Administration on Monday, Americans are using the scrappage incentives to buy more vehicles from Toyota than any of the three Detroit carmakers.
Toyota has an 18.9 per cent share of vehicles bought so far, putting it ahead of General Motors with 17.6 per cent and Ford with 15.4 per cent. Chrysler is in fifth place, after Honda.
GM had a 19.6 per cent share of the overall US light-vehicle market in the first seven months of this year, compared with Toyota’s 16.3 per cent, according to Autodata, a New Jersey-based market research firm.
The top models bought since the scheme began on July 24 are the Toyota Corolla, Honda Civic and Ford Focus, all small sedans. Three of the top five are Toyotas.
And, four of the top five are Japanese cars.
Rep. Joe Sestak says only 2 percent of Cash for Clunkers claims have been paid so far.
More… Cash for Clunkers- the death panels for cars.
Don Surber says it’s a car wreck.