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Old 07-31-2009, 08:12 AM
 
Location: State of Being
35,885 posts, read 67,199,962 times
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BTW - since the program just started . . . I have never really understood how it worked. Are there only certain makes and models that one can buy using this program? Like - Gubment Motors, only? American made, only? Or any car, manufactured anywhere? Has to get a certain level of gas mileage or what?

 
Old 07-31-2009, 08:27 AM
 
Location: Charlotte, NC
7,041 posts, read 13,134,749 times
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Quote:
Originally Posted by anifani821 View Post
BTW - since the program just started . . . I have never really understood how it worked. Are there only certain makes and models that one can buy using this program? Like - Gubment Motors, only? American made, only? Or any car, manufactured anywhere? Has to get a certain level of gas mileage or what?
As I understand it, YOUR car had to have less than 18 mpg and then you were eligible to buy anything that had a mpg rating above that. The cap on the new car was like $40k. So, there was this guy on the news last night that traded his Caddy for a Toyota Scion. Probably did quite well with that. He seemed quite pleased. Probably got a decent trade in value for the Caddy (it wasn't that old), plus the $4500.00 from the gov't...the Scion probably only cost about $10k, so, he may have come out with no car payment at all...or very little.
 
Old 07-31-2009, 08:34 AM
 
Location: State of Being
35,885 posts, read 67,199,962 times
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Oh, my understanding is that the gubment money of up to $4500 represented the trade in, so you didn't get a trade in on top of it. I thought I heard someone on CNN, maybe, say if your car is valued for trade in higher than $4500, then it probably would not behoove you to go w/ the Cash for Clunkers program, as the Feds were essentially underwriting trade-in value. But I could have misunderstood. I really haven't heard much about the program and have not researched it, either.

That would be a really good deal if one got the Fed $$ on top of allowance for trade-in.
 
Old 07-31-2009, 08:36 AM
 
Location: Charlotte, NC
7,041 posts, read 13,134,749 times
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Quote:
Originally Posted by anifani821 View Post
Oh, my understanding is that the gubment money of up to $4500 represented the trade in, so you didn't get a trade in on top of it. I thought I heard someone on CNN, maybe, say if your car is valued for trade in higher than $4500, then it probably would not behoove you to go w/ the Cash for Clunkers program, as the Feds were essentially underwriting trade-in value. But I could have misunderstood. I really haven't heard much about the program and have not researched it, either.

That would be a really good deal if one got the Fed $$ on top of allowance for trade-in.
It may be up to individual dealerships. I have seen dealerships advertising trade in values on top of the fed $$. so, yeah, this is a good deal for all involved.
 
Old 07-31-2009, 08:41 AM
 
Location: livin' the good life
2,148 posts, read 3,673,996 times
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The program ONLY gives trade-in up to $4500 so if your trade-in is valued over the $4500 then it is a bad deal. Some of the dealers are offering up to $4500 additional rebates.
 
Old 07-31-2009, 08:46 AM
 
693 posts, read 1,958,210 times
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It's up to the individual dealership... I saw a special about this the other day, the reason it would be considered $4500 without trade in compensation is that the plan for these cars is to scrap and recycle them...there is no trade in because they are not permitted to resell. Dealers are giving in some instances up to another $4000 but that's only an incentive.
 
Old 07-31-2009, 08:46 AM
 
223 posts, read 472,508 times
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I just don't understand how the government can roll out a program that only lasts a week? I don't get it? Is it poor planning or what? It costs the taxpayers billions of dollars and then it is over in a week. Talk about a "mad money" shopping spree. If I had a week to spend a billion dollars I would want a little more to show for it. I don't really think that then environmental impact justifies the cost, it was probably another way to inflate the economy. Now we can report that car sales went up significantly so there is recovery in sight.
 
Old 07-31-2009, 08:46 AM
 
291 posts, read 766,750 times
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Yep, the max trade in was $4500(from the government - some dealers are offering $$$ on top of that) - you had to drive the clunker in - had to have proof you owned it for a year at least and that it had been insured all that time....you had to get a certain number of miles more per gallon which was what affected your trade in amount....seems like the success of it has been amazing....

Last edited by MTNesters; 07-31-2009 at 08:47 AM.. Reason: didn't have it quite right
 
Old 07-31-2009, 08:50 AM
 
Location: State of Being
35,885 posts, read 67,199,962 times
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Anyone know what the best deal is out there? Let's say I can get my continuously insured but currently defunct clunker rolled into a dealership. Who has the best deal on the cheapest vehicle? Any vehicle. Any make. Any model. Truck or sedan. In other words, what vehicle is out there that would allow me to make a very low payment for a new vehicle?
 
Old 07-31-2009, 08:52 AM
 
693 posts, read 1,958,210 times
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Quote:
Originally Posted by dez181 View Post
I just don't understand how the government can roll out a program that only lasts a week? I don't get it? Is it poor planning or what? It costs the taxpayers billions of dollars and then it is over in a week. Talk about a "mad money" shopping spree. If I had a week to spend a billion dollars I would want a little more to show for it. I don't really think that then environmental impact justifies the cost, it was probably another way to inflate the economy. Now we can report that car sales went up significantly so there is recovery in sight.
The program was supposed to run until Nov 1st, but has been suspended due to funding issues. Apparently they have already spent $96 Million and already approx 27000 cars have been sold. The budget was supposed to have lasted until Nov. They will revamp it.
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