Customers trading in gas guzzlers for fuel sippers are using their $4,500 Cash for Clunkers rebate on the Toyota Corolla more than any other car. The Ford Focus was the most popular car bought using the Cash for Clunkers rebate until this week, when it was edged out by the Corolla.
The Ford Focus is one of the most popular cars for buyers using the Cash for Clunkers rebate.
Of the 180,000 new cars sold using Cash for Clunkers rebates, the Ford Focus is the only American car in the top 5 most popular. The Honda Civic is #3 on the list and the Toyota Prius and Camry round out the top 5, according to Reuters.
The Senate will vote today on the bill to add more funding to the Cash for Clunkers program, according to CNN. The Cash for Clunkers plan has already paid $775.2 million for gas guzzling cars that will be demolished, and is in danger of running out of the $1 billion allotted.
Democrat leaders say they have enough votes to approve the additional $2 billion of Cash for Clunkers funding while rejecting any amendments. If an amendment were added to the Cash for Clunkers, the bill would need to be reapproved by the house, which is on vacation until September 8th.
The Toyota Corolla, already a great bang-for-the-buck car purchase, becomes even more enticing with $4,500 off the price. A base model Corolla has an MSRP of $15,350. That means that if you use the maximum Cash for Clunkers rebate, you’d only pay $10,850 for a new Corolla. With a five-year car loan at 7%, your monthly payment would be just $214.84 a month.