Cash for Clunkers didn’t save money when taking used cars in New Jersey off the road

It isn’t hard to figure out where the bill will come from, but people who chose to take advantage of the Cash for Clunkers program over used cars in New Jersey will face the same cost as they would have had they bought a vehicle without the program, according to an Edmunds.com report.

The company noted that the CARS program cost taxpayers about $24,000 for each vehicle sold, while the average price of a new vehicle with average incentives would have been only several hundred dollars higher.

“October [new car] sales are up, but without Cash for Clunkers, sales would have been even better,” notes CEO Jeremy Anwyl. “This suggests that the industry’s recovery is gaining momentum.”

However, at a cost of $3 billion, the measure of efficacy considering the pricey move of destroying used cars in New Jersey and throughout the country will be based on environmental impact, notes senior analyst Dr David Tompkins, and people vary on their belief that there was a net environmental impact gained from the CARS program.

Now, with Edmunds saying that automakers are becoming stronger, buyers may want to consider a used car in New Jersey to save money before the bill comes in higher taxes.