I said “per additional”. Most of the purchasers were already going to buy a car.
“This summer’s so-called Cash for Clunkers program cost taxpayers $24,000 per vehicle sold, according to an analysis by Edmunds.com.
Nearly 690,000 vehicles were sold during the Cash for Clunkers program, officially known as the Car Allowance Rebate System (CARS), but Edmunds.com analysts indicate that only 125,000 of the sales were incremental. The rest of the sales would have happened anyway.
Analysts divided three billion dollars by 125,000 vehicles to arrive at the average $24,000 per vehicle sold. The average transaction price in August was $26,915 minus an average cash rebate of $1,667.”
Thanks. Makes sense.