Junked: 'Cash for Clunkers' not as successful as Feds hoped

Even though last summer's Cash for Clunkers program was rated a success by some, a new report obtained by the Associated Press says the economy might not have fared as well as hoped under "Clunkers."

Wednesday, the AP dug up Federal numbers that showed many of the trades didn't increase fuel efficiency all that much. Many of those trading in gas-guzzlers opted for similar (but brand new) petroleum chuggers that got only a few more miles to the gallon than the clunker.

The Federal data showed the Clunker most often traded in was the Ford 150 pick-up truck. But more than 8,000 of those sent to the scrap pile were replaced with a brand new pick-up truck, netting the consumer the incentive of $3,500 to $4,500 to up their fuel efficiency by no more than three miles at best.