FOR IMMEDIATE RELEASE
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. — July 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|
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|
About Edmunds.com, Inc.
Edmunds.com, Inc. publishes four Web sites that empower, engage and educate automotive consumers and enthusiasts.
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 January 2005 and is the most-read automotive enthusiast Web site. CarSpace launched in February 2006 and is an automotive social networking Web site and home to the oldest and most established automotive community. AutoObserver.com launched in 2007 and provides insightful automotive industry commentary and analysis. Edmunds Inc. is headquartered in Santa Monica, California, and maintains a satellite office in suburban Detroit.