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August 3, 2009
So I could not have been more wrong about my prediction that car consumers might not warm up to the "cash-for-clunkers" program. By almost all accounts, the program has been a massive hit. Two billion dollars spent and over 200,000 cars bought are impressive statistics.
But we know how deceiving statistics can be. In the Journal today, Jeremy Anwyl explains:
...on July 27, Edmunds.com published an analysis showing that in any given month 60,000 to 70,000 “clunker-like” deals happen with no government program in place. The 200,000-plus deals the government was originally prepared to fund through the program’s Nov. 1 end date were about the “natural” clunker trade-in rate.