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PHOTO -- A 1987 Excalibur Autos Phaeton that was 'junked' for $4,500.
There are several different ways of analyzing the $3 billion Cash For Clunkers rebate program so popular this Summer. To date, no analysis has looked at the economic cost of junking perfectly functioning vehicles before their expiration date. Let's face it, this was an SUV and truck trade-in program for the most part, considering the 18 mpg requirement (or less). There were a lot of 2003 Yukons being scrapped for 2009 models with just slightly higher average gas mileage numbers. Considering all the energy that goes into the creation of one of these mega-ton beasts, I suspect there might be some inefficiency there.
Automotive website Edmunds.com issued a report Thursday that lit up headlines everywhere and drew an angry response from the White House. We also have a link to a Jalopnik slideshow of the 10 most exotic cars destroyed by Clunkers. Plus a few words from Angry Bob.
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