Jul 24, 2009 11:50 ET
Edmunds.com Simplifies “Cash for Clunkers” with New Calculator
Mercury, GMC and Pontiac Gaining Most Brand Consideration Lift from
Program while Toyota, Honda and Hyundai Gaining Most Market Share
SANTA MONICA, Calif. --(Business Wire)-- Jul 24, 2009
Monday is the official launch of the Cash
for Clunkers program, and so now is the time for car shoppers to do
their research and prepare to participate. But how can they easily
determine whether the program can work for them? Edmunds.com,
the premier online resource for automotive information, today launched
an advanced calculator
as part of its Cash for Clunkers Resource Center, which also contains a
comprehensive list of eligible
trade-in vehicles, suggested replacement
vehicles and answers to frequently
asked questions.
“Anyone interested in the program should move quickly because it is
likely to reach its maximum very soon,” recommends Edmunds.com Senior Consumer
Advice Editor Philip Reed.
Car shoppers considering the program can use Edmunds.com’s new
calculator to determine their eligibility and better understand the
financial benefits they can gain from participating. The calculator
sifts through the complicated program details to indicate the trade-in
classification, and it even points out “it is a close call whether the
program makes sense for you” for those who may only reap slight
financial benefits and may want more flexibility than the program
allows. For example, after getting that result from the calculator, some
people may decide to instead trade in their clunker for a used car and
forego the Cash for Clunker voucher.
“As with all automotive purchases, it is critical to do your homework
before going to the dealership,” Reed notes. “Since the Cash for
Clunkers voucher is the only reimbursement you’ll get for your trade-in,
it makes good financial sense to research its True
Market Value® and determine if you could get more money
selling it without the program.”
What are the consumer research trends generated by the Cash for Clunkers
program? Edmunds.com analysts have determined that car shoppers
interested in Cash for Clunkers have researched Mercury, GMC and Pontiac
far more often than the average Edmunds.com visitor. On the other end of
the spectrum, Mercedes-Benz, BMW and Infiniti are significantly less
interesting to the Cash for Clunker shopper than to the average
Edmunds.com visitor. The below chart sets forth brand rankings for both
groups, ranked in order of brand consideration growth as a result of
Cash for Clunkers:
|
Make
|
Brand Ranking for Typical
Edmunds.com Visitors
|
|
Brand Ranking for
Edmunds.com Cash for
Clunkers Center Visitors
|
|
|
|
|
|
|
Mercury
|
30
|
|
21
|
|
GMC
|
20
|
|
12
|
|
Pontiac
|
21
|
|
13
|
|
Kia
|
16
|
|
9
|
|
Saturn
|
25
|
|
18
|
|
Jeep
|
19
|
|
14
|
|
Scion
|
27
|
|
22
|
|
Smart
|
38
|
|
33
|
|
Subaru
|
14
|
|
10
|
|
MINI
|
31
|
|
27
|
|
Suzuki
|
32
|
|
28
|
|
Saab
|
35
|
|
32
|
|
Ford
|
4
|
|
3
|
|
Hyundai
|
7
|
|
6
|
|
Toyota
|
1
|
|
1
|
|
Honda
|
2
|
|
2
|
|
Nissan
|
5
|
|
5
|
|
Volkswagen
|
8
|
|
8
|
|
Chevrolet
|
3
|
|
4
|
|
Mazda
|
6
|
|
7
|
|
Dodge
|
10
|
|
11
|
|
Volvo
|
18
|
|
19
|
|
Chrysler
|
22
|
|
23
|
|
Lincoln
|
29
|
|
31
|
|
Cadillac
|
23
|
|
26
|
|
Lexus
|
11
|
|
15
|
|
Audi
|
12
|
|
16
|
|
Buick
|
26
|
|
30
|
|
Acura
|
15
|
|
20
|
|
Mitsubishi
|
24
|
|
29
|
|
Infiniti
|
17
|
|
24
|
|
BMW
|
9
|
|
17
|
|
Mercedes-Benz
|
13
|
|
25
|
|
|
|
|
|
Edmunds.com analysts predict that in July, Toyota, GM and Honda will
generate the most sales from the Cash for Clunkers program, while
Toyota, Honda and Hyundai will enjoy the greatest proportional market
share gains from the program.
|
Big Seven Automakers
(Includes All Related Brands)
|
|
Share of
"Cash for Clunkers"
Sales
|
|
Overall Market Share
|
|
Difference Between C4C
Market Share
and Overall Market Share
|
|
Toyota
|
|
21%
|
|
15%
|
|
6%
|
|
GM
|
|
15%
|
|
20%
|
|
-5%
|
|
Honda
|
|
14%
|
|
12%
|
|
2%
|
|
Ford Motor
|
|
13%
|
|
18%
|
|
-5%
|
|
Hyundai
|
|
10%
|
|
8%
|
|
2%
|
|
Nissan
|
|
8%
|
|
7%
|
|
1%
|
|
Chrysler Group
|
|
7%
|
|
8%
|
|
-1%
|
|
|
|
|
|
|
|
|
About Edmunds Inc. (http://www.edmunds.com/help/about/)
Edmunds Inc. publishes four Web sites that empower, engage and educate
automotive consumers, enthusiasts and insiders. Edmunds.com,
the premier online resource for automotive consumer information,
launched in 1995 as the first automotive information Web site. Its most
popular feature, the Edmunds.com True
Market Value®, is relied upon by millions of people
seeking current transaction prices for new and used vehicles.
Edmunds.com was named "Best Car Research Site" by Forbes ASAP, has been
selected by consumers as the "Most Useful Web Site" according to every
J.D. Power and Associates New Autoshopper.com Study(SM), was ranked
first in the Survey of Car-Shopping Web Sites by The Wall Street
Journal and was rated "#1" in Keynote's study of third-party
automotive Web sites. Inside
Line launched in 2005 and is the most-read automotive enthusiast
Web site. CarSpace
launched in 2006 and is an automotive social networking Web site and
home to the oldest and most established automotive community. AutoObserver.com
launched in 2008 and provides insightful automotive industry commentary
and analysis. Edmunds Inc. is headquartered in Santa Monica, California,
and maintains a satellite office in suburban Detroit.
Jeannine Fallon/Chintan Talati
Edmunds.com Corporate Communications
www.Edmunds.com
Media
Hotline: 310-309-4900
pr@edmunds.com