Hyundai will take your Cash for Clunkers trade-in early. The official Car Allowance Rebate System (CARS) program, which pays Americans up to $4,500 toward the purchase of a new car when they turn in an older, less-efficient car for destruction, won't launch until July 23. But Hyundai dealers began accepting trade-ins for destruction last week, using loans from Hyundai itself to provide the rebates and planning to process the cars on the first day the government begins accepting them.
It seems to be working.
Kicking Tires reports that seven percent of the company' sales last week came "from clunker-eligible trade-ins." While seven percent may not sound like much, KT notes, "Almost any brand in today's climate would be ecstatic with a sales increase of seven percent." Hyundai dealers have taken more Fords and Dodges off the road that any other brand, with those makes accounting for 32 percent and 23 percent of the clunkers accepted - but a handful of Lexus, Jaguar and Mercedes-Benz owners have traded their rides in for Hyundais as well.
Hyundai's early Cash for Clunkers rebate is selling a lot of affordable small cars. Autoblog reports that 41 percent of the rebates went toward the purchase of new Elantras. "The Sonata came in second with 29 percent of CFC sales and the Accent third with 16 percent."
If you're interested in the Cash for Clunkers program, check out our Cash for Clunkers page. For the latest news on the program, check out Cash for Clunkers news.
