New car sales since the Car Allowance Rebate System was implemented have risen one million units, but used cars sales are also seeing a rise. Since two out of three people don’t qualify for a rebate, consumers are given a look at what they can afford at the dealership, and seldom go empty-handed.
“Two out of three people don’t qualify for the program,” Bill Wallace, owner of Wallace Automotive Group, told Automotive News. “You might as well show them what they can get for their money.”
It’s expected that the used cars market will probably cool down after the cash-for-clunkers program is over.
via Leftlane
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Over the long run, used car sales will decrease because of the thousands of running cars being destroyed under the cash for clunkers program. C4c is also not benefitting auto repair shops, parts stores, car donation charities, taxpayers and the poor.