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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Giordano Bruno who wrote (218981)9/4/2009 8:59:27 PM
From: Secret_Agent_ManRead Replies (4) of 306849
 
Leaders from the independent aftermarket were among the most vocal against the program, and they continue to be so after the fact. As, CARQUEST™s Pete Kornafel, chairman of the GAAS scholarship committee, writes:

Here's some math from your stories ballyhooing the fact that the average clunker got 15 mpg and the average replacement gets 25:

A vehicle at 15 mpg and 12,000 miles per year uses 800 gallons a year of gasoline.
A vehicle at 25 mpg and 12,000 miles per year uses 480 gallons a year.
So, an average clunker transaction reduces U.S. gasoline consumption by 320 gallons per year.
The total is about 700,000 vehicles so that's 224 million gallons/year.
That equates to a bit over 5 million barrels of oil.
5 million barrels of oil is about ¼ of one days U.S. consumption.
And, 5 million barrels of oil costs about $350 million dollars at $75/bbl.
So, we all contributed to spending $3 billion to save $350 million.

How good a deal was that???
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