They Should’ve Called it “Yen for Haibutsu”

The US’s cash-for-clunkers scheme, designed to bolster Detroit’s embattled carmakers, is turning out to be an even bigger boon for their Japanese rivals.

According to data published by the National Highway Traffic Safety Administration on Monday, Americans are using the scrappage incentives to buy more vehicles from Toyota than any of the three Detroit carmakers.

Toyota has an 18.9 per cent share of vehicles bought so far, putting it ahead of General Motors with 17.6 per cent and Ford with 15.4 per cent. Chrysler is in fifth place, after Honda.

GM had a 19.6 per cent share of the overall US light-vehicle market in the first seven months of this year, compared with Toyota’s 16.3 per cent, according to Autodata, a New Jersey-based market research firm.

The top models bought since the scheme began on July 24 are the Toyota Corolla, Honda Civic and Ford Focus, all small sedans. Three of the top five are Toyotas.

So, while the White House is busy telling us how many people participated in the plan, we’re not hearing that the money isn’t going where it was intended to go: into Detroit.

Yep. Another brilliant success by the Obama economic team.

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  • Deb

    And did you hear? Chrysler plans to build its new Fiats in MEXICO. Bondholders and dealers got the SHAFT, and our tax dollars are ending up where?

  • Deb

    And did you hear? Chrysler plans to build its new Fiats in MEXICO. Bondholders and dealers got the SHAFT, and our tax dollars are ending up where?

  • http://www.insignificantthoughts.com/ Vinny

    And GM is about to lay off 13,000 on top of the 6,000 it already got rid of through attrition and buyouts.

    Don’t you just feel the stimulus working?

  • http://www.insignificantthoughts.com Vinny

    And GM is about to lay off 13,000 on top of the 6,000 it already got rid of through attrition and buyouts.

    Don’t you just feel the stimulus working?

  • http://jeffandcarol.com/jeff Jeff Egnaczyk

    Was it only supposed to help Detroit? Or was it supposed to be a general stimulus to the economy or, more specifically, the automobile industry? Toyota has a bunch of plants in the United States despite being a foreign owned company.

    • http://www.insignificantthoughts.com/ Vinny

      Depends. When are you asking? Today or when it was passed? If you’re asking today, I’m sure it’s going to be “part of the plan! help for everyone!” But if you asked back then it was meant to help a withering US auto industry.

  • http://jeffandcarol.com/jeff Jeff Egnaczyk

    Was it only supposed to help Detroit? Or was it supposed to be a general stimulus to the economy or, more specifically, the automobile industry? Toyota has a bunch of plants in the United States despite being a foreign owned company.

    • http://www.insignificantthoughts.com Vinny

      Depends. When are you asking? Today or when it was passed? If you’re asking today, I’m sure it’s going to be “part of the plan! help for everyone!” But if you asked back then it was meant to help a withering US auto industry.

  • Deb

    And let’s not forget the trampling of the constitution that took place when the President waved his magic unicorn-horn-wand and made the bondholder’s rights go away so this deal could move ahead! And let’s not forget the kind compassion he had for the dealers who were shut down according to political districts in which they were located. And all of this “fiat” (pun intended) explained and justified as the necessary action of an administration whose only desire was to “save American jobs.”

  • Deb

    And let’s not forget the trampling of the constitution that took place when the President waved his magic unicorn-horn-wand and made the bondholder’s rights go away so this deal could move ahead! And let’s not forget the kind compassion he had for the dealers who were shut down according to political districts in which they were located. And all of this “fiat” (pun intended) explained and justified as the necessary action of an administration whose only desire was to “save American jobs.”