Cash for Clunkers: The final numbers are in, nearly 700,000 cars traded in for new ones

The Cash for Clunkers program is now officially over and the final numbers are now in. According to the Department of Transportation, nearly 700,000 old cars were traded in for new ones under the program. Transportation Secretary Ray LaHood said that dealers submitted a total of 690,114 requests for vouchers, totaling about $2.9 billion.

“This is one of the best economic news stories we’ve seen and I’m proud we were able to give consumers a helping hand,” LaHood said. “American consumers and workers were the clear winners thanks to the cash for clunkers program,”

DOT said that 84 percent of the consumers traded in trucks and 59 percent purchased passenger cars. The average fuel-economy of a clunker traded in was 15.8 mpg, while the average fuel-economy of a new vehicle purchased was 24.9 mpg – a 58 percent improvement.

“This is a win for the economy, a win for the environment and a win for American consumers,” LaHood said.

– By: Omar Rana

Source: CNNMoney