End of The Edsel
Ford announced the end of the Edsel program on Thursday, November 19, 1959. However, production continued until late in November, with the final tally of 2,846 1960 models. Total Edsel sales were approximately 84,000, less than half the company's projected break-even point. The company lost $350 million, or the equivalent of $2,790,410,959 in 2012 dollars, on the venture. Only 118,287 Edsels were built, including 7,440 produced in Ontario, Canada. By U.S. automaker standards, these production figures were dismal, particularly when spread across a run of three model years.
On Friday, November 20, United Press International's (UPI) wire service reported that book values for used Edsels had declined by as much as $400 based on condition and age immediately following the Ford press release. In some newspaper markets, dealers scrambled to renegotiate newspaper advertising contracts involving the 1960 Edsel models, while others dropped the name from their dealerships' advertising. Ford issued a statement that it would distribute coupons to customers who purchased 1960 models (and carryover 1959 models) prior to the announcement, valued at $300 to $400 toward the purchase of new Ford products to offset the decreased values. The company also issued credits to dealers for stock unsold or received following the announcement.
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