Edmunds.com Simplifies “Cash for Clunkers” With New Calculator
Edmunds.com included an advanced calculator in its Cash for Clunkers Resource Center to help consumers determine if the federal program can work for them.
The Cash for
Clunkers Resource Center
also contains a comprehensive list of eligible trade-in vehicles, suggested replacement
vehicles and answers to frequently asked questions.
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“Anyone interested in the program should move quickly because it is likely
to reach its maximum very soon,” recommends Edmunds.com Senior Consumer Advice
Editor Philip Reed.
Car shoppers considering the program can use Edmunds.com’s new calculator to
determine their eligibility and better understand the financial benefits they
can gain from participating. The calculator sifts through the complicated
program details to indicate the trade-in classification, and it even points out
“it is a close call whether the program makes sense for you” for those who may
only reap slight financial benefits and may want more flexibility than the
program allows. For example, after getting that result from the calculator,
some people may decide to instead trade in their clunker for a used car and
forego the Cash for Clunker voucher.
“As with all automotive purchases, it is critical to do your homework before
going to the dealership,” Reed notes. “Since the Cash for Clunkers voucher is
the only reimbursement you’ll get for your trade-in, it makes good financial
sense to research its True Market Value
and determine if you could
get more money selling it without the program.”
What are the consumer research trends generated by the Cash for Clunkers
program? Edmunds.com analysts have determined that car shoppers interested in
Cash for Clunkers have researched Mercury, GMC and Pontiac far more often than
the average Edmunds.com visitor. On the other end of the spectrum,
Mercedes-Benz, BMW and Infiniti are significantly less interesting to the Cash
for Clunker shopper than to the average Edmunds.com visitor. The below chart
sets forth brand rankings for both groups, ranked in order of brand
consideration growth as a result of Cash for Clunkers:
Edmunds.com analysts predict that in July, Toyota,
GM and Honda will generate the most sales from the Cash for Clunkers program,
while Toyota, Honda and Hyundai will enjoy the greatest proportional market share gains from
the program.
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