Cash-for-Clunkers trade-ins account for 7 percent of Hyundai sales in first week
Filed under: Car Buying, Hyundai
So far, Hyundai has been the only automaker in the U.S. to accept early trade-ins under the Car Allowance Rebate System (CARS), or Cash-for-Clunkers (CFC), program. Most are waiting for the U.S. Department of Transportation to finalize the program’s rules and regulations by July 24th, but Hyundai decided to start early since the program covers all transactions dating back to July 1st. Since the government hasn’t set up a reimbursement process for the rebates that range from $3,500 to $4,500 just yet, Hyundai is floating its participating dealers short-term loans in the meantime.
After just one week of accepting Cash-for-Clunkers trade-ins, Hyundai has revealed that these deals added up to 7 percent of its overall sales and could reach 10 percent by month’s end. The most interesting statistics, however, are what’s being traded in. While Hyundai doesn’t break it down by model, according to its numbers, 32 percent were Ford vehicles, 23 percent Dodge and the rest were from Lexus, Jaguar and Mercedes-Benz. Keep in mind, all these customers are trading in for a Hyundai, and 41 percent chose the Elantra! The Sonata came in second with 29 percent of CFC sales and the Accent third with 16 percent.
Judging by this early report on how the CFC program affects sales, it will be very interesting to see what happens after the hammer drops on July 24th and all automakers begin participating. The effect on July sales will likely be small, so we’ll have to wait until the end of August to see if Cash-for-Clunkers has really made a difference. For Hyundai, however, it already has.
[Source: Hyundai]
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Cash-for-Clunkers trade-ins account for 7 percent of Hyundai sales in first week originally appeared on Autoblog on Fri, 10 Jul 2009 17:29:00 EST. Please see our terms for use of feeds.
