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While it gave the auto industry a boost, the impact it had on September vehicle sales has been referred to as a "hangover period." However, according to a report from the U.S. Department of Transportation, the facts are that it generated nearly 700,000 sales resulting in a 58 percent fuel efficiency improvement across the vehicles that were replaced.
So who did the program bring into the showrooms? Among U.S. adults, 8 percent bought a new car during the Cash for Clunkers program period. Among those who bought during this period, three in five (60 percent) would not have made a purchase if the program were not in place. This includes 35 percent who were not in the market and 25 percent who were in the market, but purchased sooner as a result of the program. There was a small percentage (8 percent) for which the program was during the time frame they were planning to purchase, and they were able to take advantage of the program. The remaining one-third (32 percent) did not utilize the program, likely due to not having a vehicle that qualified for it.
These are some of the findings of The Harris Poll, a nationwide survey of 2,184 U.S. adult vehicle owners surveyed online between Sept. 8 and Sept. 15, by Harris Interactive.
As seen by Cash for Clunkers, the garages of America are beginning to change. They are consisting of slightly more used vehicles, more fuel efficient vehicles, and in some cases, simply fewer vehicles. During the past 6 months, 6 percent of Americans reduced the number of vehicles in their household, 5 percent sold a vehicle to buy a smaller more fuel efficient vehicle and 2 percent sold a vehicle to buy a hybrid or alternative fuel vehicle.
More Information:
www.harrisinteractive.com/services/automotive.asp
www.harrisinteractive.com
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