That's just dumb,
If they are going for dramatic effect, then yea, it worked.
It would make so much more sense to either
A. Auction the cars off
B. Piece them out, then sell the parts.
I constantly hear cities complain about how they are so short funded. Yea, lets take a bunch of money in the form of cars and just destroy it to "show those illegal street racers we mean business".