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Thread: Cash for Clunkers cost each taxpayer $24M

  1. #1
    Senior Member Richard Halstead's Avatar
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    Default Cash for Clunkers cost each taxpayer $24M

    http://www.foxnews.com/politics/2009...payer-vehicle/

    New report sets cost for each car sold adding a charge of $24,000 cost on each taxpayer per vehicle sold.
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    Richard Halstead (halst001 at yahoo.com)

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    Senior Member Raymond Little's Avatar
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    Quote Originally Posted by Richard Halstead View Post
    http://www.foxnews.com/politics/2009...payer-vehicle/

    New report sets cost for each car sold adding a charge of $24,000 cost on each taxpayer per vehicle sold.
    Kinda like the 787 billion $ Stimlus Package creating/saving all those jobs (30,000) but, you know those #'s are not credible Richard since they came from "FOX".
    "Character is doing the right thing when nobody is watching"....J.C. Watts

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    Senior Member Gerry Clinchy's Avatar
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    I wonder if that takes into account the administrative costs for the program?
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    Senior Member Gerry Clinchy's Avatar
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    NY Times today
    http://opinionator.blogs.nytimes.com...ker/?th&emc=th

    I really wouldn't have expected this to be in the NY Times.
    G.Clinchy@gmail.com
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    Senior Member subroc's Avatar
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    I am most interested in reading the reflexive defense of the program from some here. Or reading the convoluted comparison to something the past administration did to illustrate it wasn’t so bad.

    In the end it is a lousy idea, administered poorly
    subroc

    Article [I.]
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    Article [II.]
    A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.

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    Senior Member K G's Avatar
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    Quote Originally Posted by subroc View Post
    In the end it is a lousy idea, administered poorly
    That pretty much sums it up....I wish I could believe that this is the last idea of this ilk we'll see from the BHO administration...

    kg
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    Senior Member YardleyLabs's Avatar
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    The problem I have with the Edmunds analysis is that there is nothing there that can be evaluated by anyone. On their web site they state:

    "Our research indicates that without the Cash for Clunkers program, many customers would not have traded in an old vehicle when making a new purchase," Edmunds.com Senior Analyst David Tompkins, PhD told AutoObserver.com. "That may give some credence to the environmental claims, but unfortunately the economic claims have been rendered quite weak."
    To conduct the analysis, the Edmunds.com team of PhDs and statisticians examined the sales trend for luxury vehicles and others not included in Cash for Clunkers, and applied the historic relationship of those vehicles to total SAAR to make informed estimates. These estimates were independently verified through careful examination of sales patterns reflected by transaction data. Once the numbers were determined, Edmunds.com's analysts divided three billion dollars by 125,000 vehicles to arrive at the average $24,000 per vehicle"

    If there is an actual article or study, it was not published. Given econometric models indicating that car sales during the period of the program moved from a trend line about 25% down from prior year sales to 125% above, the raw numbers [ublished by Edmunds make no sense without more information than Edmunds published. Given that Edmunds is not in the business of publishing econometric analyses and has no track record in doing so, combined with the fact that they did not publish any foundation whatsoever for their numbers, I think they deserve to be treated with skepticism. In their response to the criticism, however, Edmonds simply says "dont't shoot the messenger" rather than providing any justification for their conclusions. There is no question that some of the people who purchased vehicles under the CFC program would have done so anyway. Some of those would have done so without a trade-in while others would have traded in their cars in return for a smaller price. I suspect that the publicity in connection with the program also brought out some traffic that otherwise would have stayed at home. Whether the balance works out to $24,000 per car sold or $1,000 per car sold, remains to be seen. The Edmunds press release doesn't seem to add anything to the debate except noise. I would love to see the study produced by Edmund's "team of PhD's."

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