STATE – After the “Cash for Clunkers” program came to a close last week, U.S. Sen. Robert Menendez (D-NJ) announced that a total of $103,375,500 in rebates was requested at New Jersey dealerships. The program offered rebates of up to $4,500 for consumers who traded in gas guzzlers for more fuel efficient new cars.
“At a time when initiatives to spur economic activity is needed, this program was a tremendous success, particularly in New Jersey,” said Menendez. “As a result of it, hundreds of millions of dollars have been pumped into local businesses, thousands of jobs have been supported, and thousands of New Jersey families will be saving money at the pump. This also helps us clean the air we breathe and reduce our dependence on foreign oil from oil-rich dictators. ‘Cash for Clunkers’ has helped move us toward an economic recovery and economic security in the 21st Century.”
Nationwide, car dealers submitted 690,114 transactions for $2.877 billion in rebates. The top three vehicles trade ins were the Ford Explorer, the Ford F150 Pickup and the Jeep Grand Cherokee. The top three new vehicle purchases were the Toyota Corolla, the Honda Civic and the Toyota Camry.
Cars purchased under the program are, on average, 19% above the average fuel economy of all new cars currently available, and 59% above the average fuel economy of cars that were traded in.
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