Cash for Clunkers removes 700,000 old cars from roads

Aug. 27 -- The federal government´s Cash for Clunkers program removed 700,000 old cars from America´s roads by the time the program came to a halt at 8 p.m. Aug. 24.

New car dealers submitted applications worth nearly $2.9 billion -- a little less than the maximum $3 billion Congress set aside for the program.

Transportation Secretary Ray LaHood credited the program for helping bring buyers back into car showrooms and leading to manufacturing plants recalling laid-off workers and increasing production. In addition, the environment will benefit in the long-run, LaHood said.

"This is a win for the economy, a win for the environment, and a win for American consumers," he said.

The average fuel economy of the vehicles traded in was 15.8 miles per gallon and the average fuel economy of vehicles purchased is 24.9 mpg -- a 58% increase.

Contact Waste & Recycling News senior reporter Bruce Geiselman at 330-865-6172 or bgeiselman@crain.com