(Scooter's Report) - A prominent automotive site has determined that the government's Cash for Clunkers program actually generated sales of only an additional 125,000 cars out of the 690,000 sold, resulting in an overall net cost to taxpayers of $24,000 per car (!)
In order to determine whether these sales would have happened anyway, Edmunds.com automotive analysts looked at sales of luxury cars and other vehicles not included under the Clunkers program, and concluded that the vast majority of cars sold during the program would have been sold anyway before the end of this year.
Bill Adams, spokesman for the Department of Transportation, defended the Obama administration program, saying, "Hey, we helped dealers move a butt-load of cars, the cost thing doesn't really matter, we're the government."
A spokesman for a large automotive dealers association also strongly defended the program, but suggested next time the government just purchase the new cars for customers to save time and accounting costs.
My comments: I ponied up part of the 24 grand for my neighbor's new Honda? I'm going next door to demand my own set of keys (after a few margaritas, of course).
My stupid neighbor selfishly guards her (and my) new car
