Will Cash For Clunkers Hurt The Auto Industry?
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Now that the Cash For Clunkers program has ended, there are those saying that the massive buying spree spurred on by huge government incentives will deflate auto sales for some time. I would tend to agree that the number of new cars sold will be slightly lower in the short term due to some people pushing ahead their timelines for new car purchases, but I don’t believe it will have the same chilling effect that has been reported in the media.
For starters, I believe that a great number of people who traded in their clunkers were not the type to normally buy new cars, I believe that the ability to buy a new fuel efficient car at the price of a used car helped to push them over the edge. Secondly, I think that people that do tend to buy new cars every few years will continue to buy new cars, and that the cars they owned would likely not have qualified in the Cash for Clunkers program. I will admit that SUV owners who were sick of high gas prices may have turned in their relatively new cars for something smaller and more fuel efficient - and that does take them out of the market for a while.
Having the Cash for Clunkers program stopped will have a short term effect on the auto industry, but I don’t see it being nearly as bad as what the auto industry writers think. Chevrolet should have a good resurgence thanks to continued sales of the new Camaro and of the new Volt. Ford is bringing over their European Focus Transit van, and Fiesta - all very popular. Chrysler has the opportunity to replace some of their less popular models with rebadged Fiats and Alpha Romeos… The entire industry has fuel efficient cars coming down the pipeline and there is a sense that the economy is on its way to recovery, just not as fast as we would like. 2010 should be a good year.
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