Toyota Prius sales soar as the Cash for Clunkers program went into effect. Under the first 80,000 Cash for Clunkers vouchers processed, the new Prius has become the fourth most popular car bought. The amazing thing is that of the ten most popular cars bought under the CARS program, the next generation Prius is the only hybrid.
In July alone, Toyota has sold over 19,172 Prius’; that’s almost 30% more than last July and 41% more than total number of Prius hybrids sold last June. Under the CARS program, consumers have the ability to turn in their old gas guzzler for a $3500 or $4500 voucher. To be eligible for the voucher, the trade in vehicle must be between the years of 1984 and 2002 and must have a combined mpg of 18 or less. The voucher amount you receive depends on the new car purchased.
To qualify for the $3500 voucher the new car purchase must get at least a 4mpg improvement over the trade in; for trucks there must be a 2mpg improvement. If the new car purchased gets 10 mpg better than your trade you would get the $4,500 voucher; 5mpg improvement for trucks.
Dealers are permitted to deduct the voucher amount from the sales price on the new vehicle and file paperwork in order to receive reimbursement from the government. With this in mind, its no wonder the Prius is so popular.
The new 2010 Toyota Prius gets a combined EPA mileage rating of 50 miles to the gallon and is by far the most fuel efficient vehicle available under the program. By buying a Prius, you are automatically guaranteed the $4500 voucher. Toyota’s hybrid is only one example of how well the Cash for Clunkers program is doing. The program is so popular that with in two weeks of being initiated rumors are that the funds may run out. Originally the CARS program called for more money but was only granted the $1 billion dollar fund, about one quarter of the propositioned amount.
The United States House of Representatives and Senate both voted to add another $2 billion to the program through a transfer of energy-loan guarantee funds.