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It's working? Yeah I guess so. The only people I know who are talking about doing this, admittedly only 2, can't afford the POS they have now let alone a $20K car note.
I was looking at the NBP fleet to see what would qualify and don't have one: everything I own, including the F150 gets above 20MPG.
The only car I would have considered, as posted on another thread on the subject, would have been a fully loaded Ford Flex @ $48K. I would sooner keep the 9 year old Jeep I am scooting around in (payment free) as opposed to saddle myself with another note. Besides, the private resale on the Jeep was much higher than the $3,500 the govt would have allowed.
It's working? Yeah I guess so. The only people I know who are talking about doing this, admittedly only 2, can't afford the POS they have now let alone a $20K car note.
I was looking at the NBP fleet to see what would qualify and don't have one: everything I own, including the F150 gets above 20MPG.
Program is almost out of money so I'm sure more than the 2 people you know have participated. In NY, dealers were adding an additional $4500 rebate to the Gov's and people were able to purchase new fuel effiecient vehichles for under $10000 in some cases.
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Originally Posted by USNRET04
That reminds me, I heard this morning, a caller on a talk show said that he wanted in on the deal even though he knows he won't be able to afford the payments for very long. He said he won't care if they reposses the car, he'll enjoy it while he can.
No plan/program is idiot proof.
Quote:
Originally Posted by USNRET04
I made a comment of this on another thread:
Edmunds.com said through a survey that around half of the sales through the program would have been conducted anyway, with or without the government subsidy.
The program should be funded enough to catch up on all of the applications, then ended.
This sales boost will help in the short term, plus some gas guzzlers are off the road. What's going to happen next month when there is no more program, and the months after that?
Would you rather have these guzzlers on the road and dealerships not moving cars, or in other words, the status quo? Next month we'll have less guzzlers on the road and a successful program that could be tweaked to be long term.
First, just like the housing program, you got some people that cannot afford a new car plus insurance. What will do they do when they can't make the payments?
Plus the idiots who run the program ran out of money in 4 days, should have lasted until October?
Quote:
Would you rather have these guzzlers on the road and dealerships not moving cars, or in other words, the status quo? Next month we'll have less guzzlers on the road and a successful program that could be tweaked to be long term.
Aren't the liberals the ones who think that less fortunate people should have cars, cell phones and homes? Couldn't one of these decent cars go to a person who can't afford a car, so they can go out and get a job?
When Jim Dimint and the rest of G No P line up to do away with all farm subsidies and tax incentives for any number of business and industries because it is against the Constitution, call me.
They told us that the $1,000,000,000 would last several months.
It lasted less than a week.
And we're supposed to believe that they know what they're talking about when it comes to how much the health care program will cost?
Puh-leeze...
Yes, the "clunkers" program was a "success." People like free money - congratulations to the government for figuring that out...
In the mean time, I have to explain to my girl's two boys that they're going to be forced to spend a good portion of their career paying for what's taking place in just the next few years.
People complained about Bush sending "children" off to die. Obama's not "killing" them - he's enslaving them. After all, dead people can't pay taxes...
And how long until this program becomes permament?
Here are reasons why you can bet this will happen:
First, anytime Congress and the White House see an opportunity to take tax dollars and give them to somebody who can vote, they will do it. In a $3.4 trillion annual federal budget, the $1 billion for Cash-for-Clunkers might seem like a drop in the bucket. The politicians have a billion reasons for why that is the wrong way to look at it.
Second, Washington cash always comes wth strings. Just look at the 15 pages of regulations telling dealers how they must dispose of the trade-ins. And don't forget NHTSA has to approve each and every deal. Right there, the government is telling the buyer and the seller what to do. That's an irresistible opportunity for the Washington politicians and bureaucrats to expand their power and perogatives over the rest of us.
Third, the timing is perfect. The economy is in a recession. The auto industry is in a depression. People are hungry for positive economic news. In just four days, Cash-for-Clunkers has given new life to the whole idea that government spending is the way to stimulate the economy. People are more receptive now than they will ever be to the idea of making a temporary measure permanent.
Fourth, Washington money is like crack cocaine. Smoke it once and odds are you are hooked. Desperate dealers are already lobbying their congressmen to keep the Cash-for-Clunkers going a little while longer. That's just putting off the inevitable agony of withdrawal. Congressman Pusherman will say, "Here, let's make you feel better for good."
Finally, the media won't tell the whole story of Cash-for-Clunkers. Reporting on it will emphasize two things - Happy dealers and buyers getting new cars and trucks, and worried dealers wondering what will happen when the program ends.
What won't be reported will be the actual cost of the program to the taxpayers, the transitory economic stimulus it provides, and how the most severe consequences will be felt among low-inomes people who must depend on used cars and trucks for their transportation.
What won't be reported will be the actual cost of the program to the taxpayers, the transitory economic stimulus it provides, and how the most severe consequences will be felt among low-inomes people who must depend on used cars and trucks for their transportation.
The cost to tax payers is pretty straight forward.
I suppose the "transitory" (and that is the intent) benefits can only be weighed in time and I have little doubt that economist will be want to give it a look.
As for the consequences for low-income people... in a country that purchases over 7 million cars in 2006 I have serious doubts that the program, even if funding were tripled, would have much affect on the availability of used cars.
Cash for Clunkers consequences - obviously, the plan wasn't thought through to the logical conclusions:
"To date an overwhelming percentage of the people taking advantage of this program have traded vehicles that were free of encumbrances. Now they are in bondage, trapped into making payments during a time of great economic uncertainty. A number of the vehicles being traded in are in amazing condition. So, through this program we now eliminate a large segment of the used car market, vehicles that could be sold in the $3,000 to $6,000 range to those on tighter budgets.
Cash for Clunkers consequences - obviously, the plan wasn't thought through to the logical conclusions:
"To date an overwhelming percentage of the people taking advantage of this program have traded vehicles that were free of encumbrances. Now they are in bondage, trapped into making payments during a time of great economic uncertainty. A number of the vehicles being traded in are in amazing condition. So, through this program we now eliminate a large segment of the used car market, vehicles that could be sold in the $3,000 to $6,000 range to those on tighter budgets.
That's the point. Anyone who doesn't see that this is a play to please the auto workers' unions is blind.
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