White House officials said late Wednesday that sales under the government’s Cars Allowance Rebate System (Cash for Clunkers) topped 180,000. The Department of Transportation said 184,304 deals have been submitted, totaling $775.2 million. That leaves about $175 million in the fund after administrative costs.
Toyota’s Corolla overtook the Ford Focus as the best-selling vehicle traded in for a “clunker.” Ford’s Focus is now followed by Honda’s Civic at No.3. Toyota’s Prius and Camry were also in the top-five.
Officials said that more than 80 percent of the vehicles being traded-in as clunkers were light trucks, SUVs, pickups and vans. On the other hand, 59 percent of the new vehicles purchased were passenger cars.
It was reported earlier this morning that the Senate has reached a deal to add $2 billion to the Cash for Clunkers program and will give car buyers until Labor Day to trade in their clunkers for new vehicles.
- By: Omar Rana
Source: Reuters
