The beleaguered US car industry had a small respite last month with nearly 700000 cars sold under the cash-for-clunkers program. The program was run by the US government in order to encourage all the car users to scrap their gas guzzler old cars to fuel efficient new cars.
The bad outcome of the program was that it gobbled up three billion US dollars of tax payers money, and eight out of the top 10 new cars sold under the program were non-American cars. And all the top five cars surrendered for scrapping were of US origin.
US cash-for-clunkers does 700000 car sales