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Cash for Clunkers Wraps up with Nearly 700,000 car sales and increased fuel efficiency

News release: “The CARS program came to a close Tuesday night with nearly 700,000 clunkers taken off the roads, replaced by far more fuel efficient vehicles. Rebate applications worth $2.877 billion were submitted by the 8 p.m. deadline, under the $3 billion provided by Congress to run the program. Cars made in America topped the most-purchased list, from the Ford Focus to the Toyota Corolla to the Honda Civic…In addition, the program provides good news for the environment. That’s because 84 percent of consumers traded in trucks and 59 percent purchased passenger cars. The average fuel economy of the vehicles traded in was 15.8 miles per gallon and the average fuel economy of vehicles purchased is 24.9 mpg -a 58 percent improvement.”

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