The Consumer Assistance to Recycle and Save Act (CARS), or Cash for Clunkers program, allows US residents to get a $3,500 or $4,500 credit toward the purchase of a new, more fuel efficient vehicle when trading in their existing vehicle.
The hugely popular program exhausted it's $1 billion appropriation in less than a week and the government acted quickly to provide an additional $2 billion to the program.
Although there are several qualifying factors for a "clunker," Edmunds.com Senior Consumer Advice Editor Philip Reed says “dealers are enjoying a 20 percent increase in gross profit per sale involving a clunker trade-in since the program launched.”
Click ahead to see the most popular trade-ins and new vehicles purchased under the CARS program, according to the Transportaton Dept.
(*Data on vehicles provided by Edmunds.com*)
By Oliver Quillia
Posted 8 August 2009