GM Has Sold the Most Cars Under ‘Cash for Clunkers’ Program

[NINETY EIGHT REGENCY]

GM Has Sold the Most Cars Under ‘Cash for Clunkers’ Program

By Angela Greiling Keane

Aug. 5 (Bloomberg) -- General Motors Co., the largest U.S. automaker, has the most sales under the “cash-for-clunkers” program, according to Transportation Department data released today.

Detroit-based GM sold 18.7 percent of the cars purchased under the plan. Toyota Motor Corp., based in Toyota City, Japan, had the second-most sales with 17.9 percent and Dearborn, Michigan-based Ford Motor Co., was third with 16 percent. The agency released data on the each automakers’ share today, a day after providing a list showing that four of the top five models sold were made by foreign automakers.

Toyota’s Corolla is the top model purchased by “cash-for- clunkers” buyers through today, surpassing Ford’s Focus, which had been number one, according to the data.

More at link:

http://www.bloomberg.com/apps/news?pid=206...id=akjL3wiDVfnU

Edited August 6, 2009 by NINETY EIGHT REGENCY

[z28luvr01]

Interesting. And here I thought that Hyundai ran away with that title.

I'd really like to see what GM models people bought. The Cobalt only placed 10th on the list of top 10 vehicle bought on C4C.

[smk4565]

Seems like the Cash for clunkers purchases match up with the market share of each company.

[biff]

My parents bought an Impala.

[A Horse With No Name]

I passed a Chevrolet dealer in Cinncinatti with a lot jsut packed full of CFC cars. amazingly, quite a few older Toyota trucks and a few Honda Odysea minivans on the cfc lot.

Chris

[pow]

Interesting. And here I thought that Hyundai ran away with that title.

I'd really like to see what GM models people bought. The Cobalt only placed 10th on the list of top 10 vehicle bought on C4C.

Perhaps it's what happens when you have many divisions?

[BuddyP]

The thing is, is that most of the people getting the C4C vouchers don't realize that they will have to include that on income at the end of the year and pay income taxes on it. Essentially each person with a voucher will have an extra $1000-$1500 to pay in taxes at the end of the year.

So, come spring when these people expect to get a tax refund or not to pay anything in, and end up paying some in or not getting a refund at all. So just how much of a positive will this be in the end? I'm skeptical. $3 bil can be used for good in many area's. And those people buying most of the imports are using this gov't money to help fund foriegn company's/factory's/workers.

I'm not sold on C4C.

[Satty]

The thing is, is that most of the people getting the C4C vouchers don't realize that they will have to include that on income at the end of the year and pay income taxes on it. Essentially each person with a voucher will have an extra $1000-$1500 to pay in taxes at the end of the year.

Um....incorrect. Then again, thats just my view on it after actually reading up on it.

[daves87rs]

A load of BS. I don't believe it....

I want hard numbers, because the local import dealers around here are hopping.

I have a hard time believing that the most hated car company right now sold the most cars...

[PurdueGuy]

A load of BS. I don't believe it....

I want hard numbers, because the local import dealers around here are hopping.

I have a hard time believing that the most hated car company right now sold the most cars...

Just because the media hates GM doesn't mean that everyone does.

[BuddyP]

Um....incorrect. Then again, thats just my view on it after actually reading up on it.

No, I'm not.... while federal income taxes are exempt, state and local taxes are not.

But yeah my tax amount figure is probably a bit high, none the less you get my point.

[daves87rs]

Just because the media hates GM doesn't mean that everyone does.

Just the media, huh?

[Satty]

No, I'm not.... while federal income taxes are exempt, state and local taxes are not.

But yeah my tax amount figure is probably a bit high, none the less you get my point.

I dont know about other states, but in MO, my income on my state tax form is my income off my 1040. It even says on the MO form, "Use the amount from your federal form 1040." So if I were to C4C a car, I would not pay any income taxes on it. And if I C4C'd a car, I wouldn't pay sales tax on the amount of the voucher, its the same thing as a rebate, it reduces the purchase price and therefore the amount I pay sales tax on. The only increase would be in personal property taxes, and that difference isn't going to be anywhere close to $1,000/year, at least around here, my personal property tax on the Fusion for '07 was like $300.

[BuddyP]

I dont know about other states, but in MO, my income on my state tax form is my income off my 1040. It even says on the MO form, "Use the amount from your federal form 1040." So if I were to C4C a car, I would not pay any income taxes on it. And if I C4C'd a car, I wouldn't pay sales tax on the amount of the voucher, its the same thing as a rebate, it reduces the purchase price and therefore the amount I pay sales tax on. The only increase would be in personal property taxes, and that difference isn't going to be anywhere close to $1,000/year, at least around here, my personal property tax on the Fusion for '07 was like $300.

In MO you may not, it will vary from state to state.

[Satty]

I'd love to know which states will charge income taxes on C4C buyers. I know dealerships have to pay taxes on C4C vouchers, but I dont think any state can, legally, make a person count something that wasn't income as income.

[balthazar]

There are no 'vouchers' as far as the consumer is concerned. C4C is written into the order form exactly like a rebate. If it were a check sent afterthefact, I could see an argument for it being treated like income, but it isn't.