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Thursday, November 7, 2013

Chevy Volt Sales Plunge because almost nobody wants an obama car.

Chevy Volt Sales Plunge; Cost to Taxpayers $15 Million in October
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Mark Modica
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$35,000 a pop chevy volt. Cost to Taxpayers $15 Million in October.
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General Motors had another disappointing month of sales for its much-hyped green wonder-car in October. Sales for the Chevy Volt plunged over 31 percent from last year, down to 2,022 units for the month. To put that number in perspective, Toyota sells that many Toyota Camrys in about two days. Or, GM is selling less than one Volt per Chevy dealership per month.

Despite the dismal sales figures, the loss to taxpayers for federal tax credits of $7,500 per vehicle that go to the wealthy buyers of Volts tallies out to $15,165,000 in October. If GM had come anywhere close to its initial lofty sales goals for President Obama's favorite car (remember, he's promised to buy one in three more years!) the tax bill would have been ten times the amount. I guess this is one instance where taxpayers can be thankful that GM's false hope for the Volt did not pan out.
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The Volt is just far too expensive for many customers. The car gets about 94 miles per gallon, according to the EPA, but it starts at $39,195, and only upper-income buyers with a big tax bill can qualify for the $7,500 federal tax credit. As auto blogger Jonathan Welsh writes, “Even if you never used gasoline in the Volt, you’d wait about 12 years before you saved enough on gas to make up for the Volt’s price premium.” (The Volt has a gas engine that kicks in when the battery runs out.)

Rhe Volt is essentially a hybrid version of the Chevy Cruze, a compact car that gets around 40 miles per gallon but costs just half as much.

Corporate welfare on wheels, buying votes in a state vital to the President’s re-election. There is simply no way that GM can kill it.

Using conservative figures, the average Volt sits on the average dealer’s lot for 60 days.

Subsidizing well-off taxpayers. The Administration is doing everything it can to goose sales. The President’s new budget raises the subsidy paid to Volt buyers another 33%, to $10,000 per car in a direct tax credit. The median price of all the Volts on cars.com is $43,200. The average household income of Volt purchasers is in excess of $170,000, around the 93rd percentile. At the 28% tax bracket (married, filing jointly), this is equivalent to $36,000 of tax-free income. The car which is traded most for the Volt is none other than the Toyota Prius, which, according to most analyses, will not have been owned long enough to save in gas money the total premium paid for the car, compared to a comparable conventional vehicle.

Corporate cronyism and coercion. Last month, General Electric, whose CEO Jeffrey Immelt chairs the President’s Council on Jobs and Competitiveness, announced that all 2012 sedans ordered by employees for corporate use will be Volts. That’s Competitive! Beginning next January 1, GE will not reimburse employees for any corporate travel unless it is done in a Volt. If GE purchases the 12,000 Volts it is committed to buying, it will get a $120 million subsidy.
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(The chevy volt costs to much for most people even when most people are getting $7,500 from the government to buy the volt. Obama is all about giving out free money that is not free. American taxpayers are taxed to pay for the obama free money. Obama continues to steal your money via government laws and regulations. Obama is a thug that should be arrested for treason.) Story Reports


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