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Cash for Clunkers

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Post  LTRT Thu Jun 18, 2009 10:21 pm

Senate Passes "Cash for Clunkers" Program
http://autos.yahoo.com/articles/autos_content_landing_pages/1008/senate-passes-cash-for-clunkers-program/;_ylc=X3oDMTE5djJwcmo2BF9TAzI3MTYxNDkEc2VjA2ZwLXRvZGF5BHNsawNjYXNoLWNsdW5rZXJz

"This is an emergency for families and small businesses -- for an industry that has been the backbone of our economy for a generation," said Sen. Debbie Stabenow, D-Mich., who sponsored the proposal.

Under the proposal, car owners could get a voucher worth $3,500 if they traded in a vehicle getting 18 miles per gallon or less for one getting at least 22 mpg. The value of the voucher would grow to $4,500 if the mileage of the new car was 10 mpg higher than the old vehicle. The miles per gallon figures are listed on the car window's sticker.

Owners of sport utility vehicles, pickup trucks or minivans that get 18 mpg or less could receive a voucher for $3,500 if their new truck or SUV got at least 2 mpg higher than their old vehicle. The voucher would increase to $4,500 if the mileage of the new truck or SUV was at least 5 mpg higher than the older vehicle.


'97 F-150 Lariat: 12-13 mpg, paid for with cash.

2009 Ford F150 (4x4)- $42,610
Dealer: Dimension Ford Lincoln Mercury
EPA Fuel Economy:
City: 14 15 Highway: 18 20

2009 Ford F150 Lariat (4x2)- $32,525
Dealer: Dimension Ford Lincoln Mercury

So the options are to grab the gov't's $3500 and finance $28,500 - $38,500 or stick with what I have. scratch The sad thing is they'll be a bunch of takers, just like when they hear that phrase from car dealers "we'll pay off your loan". cyclops

My $3500 is up for grabs to the first willing board member. Rolling Eyes
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Post  Cincy Fan 44 Thu Jun 18, 2009 11:04 pm

Am I right that it only applies to brand new vehicles? Or does it apply to used vehicles?
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Post  Markwes Thu Jun 18, 2009 11:14 pm

Hey, what do you know? Another dumb idea brought to us by our Congress.

Cincy, my understanding is this applies to new vehicle purchases only.
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Post  Guest Thu Jun 18, 2009 11:23 pm

LTRT wrote:Senate Passes "Cash for Clunkers" Program
http://autos.yahoo.com/articles/autos_content_landing_pages/1008/senate-passes-cash-for-clunkers-program/;_ylc=X3oDMTE5djJwcmo2BF9TAzI3MTYxNDkEc2VjA2ZwLXRvZGF5BHNsawNjYXNoLWNsdW5rZXJz

"This is an emergency for families and small businesses -- for an industry that has been the backbone of our economy for a generation," said Sen. Debbie Stabenow, D-Mich., who sponsored the proposal.

Under the proposal, car owners could get a voucher worth $3,500 if they traded in a vehicle getting 18 miles per gallon or less for one getting at least 22 mpg. The value of the voucher would grow to $4,500 if the mileage of the new car was 10 mpg higher than the old vehicle. The miles per gallon figures are listed on the car window's sticker.

Owners of sport utility vehicles, pickup trucks or minivans that get 18 mpg or less could receive a voucher for $3,500 if their new truck or SUV got at least 2 mpg higher than their old vehicle. The voucher would increase to $4,500 if the mileage of the new truck or SUV was at least 5 mpg higher than the older vehicle.


'97 F-150 Lariat: 12-13 mpg, paid for with cash.

2009 Ford F150 (4x4)- $42,610
Dealer: Dimension Ford Lincoln Mercury
EPA Fuel Economy:
City: 14 15 Highway: 18 20

2009 Ford F150 Lariat (4x2)- $32,525
Dealer: Dimension Ford Lincoln Mercury

So the options are to grab the gov't's $3500 and finance $28,500 - $38,500 or stick with what I have. scratch The sad thing is they'll be a bunch of takers, just like when they hear that phrase from car dealers "we'll pay off your loan". cyclops

My $3500 is up for grabs to the first willing board member. Rolling Eyes

I am with you on this one. I'll keep my paid for 1999 F150 for another 10 years. If someone wants to spend 20, 30, or 40 grand for a new vehicle with a tax "incentive" up to 3500 dollars then they can have it. That's called Al Gore fuzzy math.
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Post  Cincy Fan 44 Fri Jun 19, 2009 12:21 am

Granted I don't know what price margins are on new car sales, but here's a question I have. If the goal is to get these so-called 'clunkers' off the road, then that means the dealership cannot turn around and resell the car after detailing it, right? I don't know, sounds like a good idea, but it might have some holes that need pluggin'.
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Post  Guest Fri Jun 19, 2009 8:47 am

Markwes wrote:Hey, what do you know? Another dumb idea brought to us by our Congress.

Cincy, my understanding is this applies to new vehicle purchases only.

Stimulating the auto industry and raising fuel standards are a dumb idea? scratch
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Post  LTRT Fri Jun 19, 2009 9:08 am

Bman wrote:
Markwes wrote:Hey, what do you know? Another dumb idea brought to us by our Congress.

Cincy, my understanding is this applies to new vehicle purchases only.

Stimulating the auto industry and raising fuel standards are a dumb idea? scratch

Financing $25k and above when probably a majority of people driving those "clunkers" can't afford it is? scratch
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Post  Guest Fri Jun 19, 2009 9:35 am

LTRT wrote:
Bman wrote:
Markwes wrote:Hey, what do you know? Another dumb idea brought to us by our Congress.

Cincy, my understanding is this applies to new vehicle purchases only.

Stimulating the auto industry and raising fuel standards are a dumb idea? scratch

Financing $25k and above when probably a majority of people driving those "clunkers" can't afford it is? scratch

The banks and CU should make that determination NOT you.
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Post  LTRT Fri Jun 19, 2009 9:42 am

Bman wrote:
LTRT wrote:
Bman wrote:
Markwes wrote:Hey, what do you know? Another dumb idea brought to us by our Congress.

Cincy, my understanding is this applies to new vehicle purchases only.

Stimulating the auto industry and raising fuel standards are a dumb idea? scratch

Financing $25k and above when probably a majority of people driving those "clunkers" can't afford it is? scratch

The banks and CU should make that determination NOT you.

FAIL, that blanket statement won't work in this instant gratification society we now live in. I've already heard this morning of one talking about doing it, will he get approved yes, can he afford it, no.
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Post  floridafun Fri Jun 19, 2009 9:45 am

clunkers are great for as long as they only need general maintenance because they are debt free. but they all reach that point where they are costing more in repairs than they are worth. i dont see a major problem with this plan. altho there is the monthly car payment, the odds of having to sink other money into it are smaller than hanging onto the money pit clunker-or replacing it with another one. i think alot of folks are working harder at being frugal and are thinking about their debt management than there were a couple years ago.
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Post  Cincy Fan 44 Fri Jun 19, 2009 9:49 am

Bman wrote:
LTRT wrote:
Bman wrote:
Markwes wrote:Hey, what do you know? Another dumb idea brought to us by our Congress.

Cincy, my understanding is this applies to new vehicle purchases only.

Stimulating the auto industry and raising fuel standards are a dumb idea? scratch

Financing $25k and above when probably a majority of people driving those "clunkers" can't afford it is? scratch

The banks and CU should make that determination NOT you.
Yes, because that worked so well for the housing industry. Razz

Seriously, how long until we start hearing about how people can't afford their car payments anymore and are having their new vehicles repo'd...and then they're back driving a "clunker" they can afford???
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Post  Guest Fri Jun 19, 2009 10:09 am

The $3,500 or $4,500 is making me think about trading my SUV in if I can convince them it does not get the required mpg ... I would love an extra $4,500 down on my next vehicle, an Avalon.
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Post  Cincy Fan 44 Fri Jun 19, 2009 10:20 am

Bman wrote:The $3,500 or $4,500 is making me think about trading my SUV in if I can convince them it does not get the required mpg ... I would love an extra $4,500 down on my next vehicle, an Avalon.
What are you gonna do? Put 85 octane in it and reduce your tire pressure by half and hope they don't notice? Laughing
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Post  Pez Fri Jun 19, 2009 10:55 am

Cincy Fan 44 wrote:
Bman wrote:
LTRT wrote:
Bman wrote:
Markwes wrote:Hey, what do you know? Another dumb idea brought to us by our Congress.

Cincy, my understanding is this applies to new vehicle purchases only.

Stimulating the auto industry and raising fuel standards are a dumb idea? scratch

Financing $25k and above when probably a majority of people driving those "clunkers" can't afford it is? scratch

The banks and CU should make that determination NOT you.
Yes, because that worked so well for the housing industry. Razz

Seriously, how long until we start hearing about how people can't afford their car payments anymore and are having their new vehicles repo'd...and then they're back driving a "clunker" they can afford???

Damned if you do damned if you dont then?

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Post  Markwes Fri Jun 19, 2009 12:57 pm

Cincy Fan 44 wrote:
Bman wrote:The $3,500 or $4,500 is making me think about trading my SUV in if I can convince them it does not get the required mpg ... I would love an extra $4,500 down on my next vehicle, an Avalon.
What are you gonna do? Put 85 octane in it and reduce your tire pressure by half and hope they don't notice? Laughing
That's funny and yet I was wondering how they make that determination. I suppose there is a list with average miles per gallon for a particular model?

Here's another thing I learned. Once your "clunker" is traded in, the dealer has to destroy it. I'm not sure what qualifies it as destroyed, but I'm guessing most car dealerships don't keep a crusher on hand.

My biggest beef with this is that it rewards those who were "irresponsible" and bought a gas guzzler. I was reading some comments on a story about the program, and somebody mentioned that their son had a 1998 Neon that's in bad shape, but it gets 38 MPG, so he is much more limited in what qualifies for the rebate.
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Post  Guest Fri Jun 19, 2009 2:34 pm

I guess if the requirement is to destroy them then my vehicle would not qualify .... I wanted the $3,500 toward a 2010 vehicle. Guess I won't stimulate the economy. lol
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Post  Markwes Fri Jun 26, 2009 5:46 pm

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Post  LTRT Thu Jul 30, 2009 9:13 pm

AP sources: Govt to suspend 'cash for clunkers'
http://www.breitbart.com/article.php?id=D99P2U9G1&show_article=1

Jul 30 07:39 PM US/Eastern
By KEN THOMAS
Associated Press Writer

WASHINGTON (AP) - Congressional officials say the government plans to suspend the popular "cash for clunkers" program amid concerns it could quickly use up the $1 billion in rebates for new car purchases.
The Transportation Department called congressional offices late Thursday to alert them to the decision to halt the program, which offered owners of old cars and trucks $3,500 or $4,500 toward a new, more fuel-efficient vehicle.

The congressional officials spoke on condition of anonymity because they were not authorized to speak publicly.

Through late Wednesday, 22,782 vehicles had been purchased through the program and nearly $96 million had been spent. But dealers raised concerns of large backlogs in the system, prompting the suspension.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Hahahaha, what a joke. You think they could suspend giving away some of that stimulus money for turtle tunnels? Yeh right...
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Post  Scooby01_98 Thu Jul 30, 2009 9:53 pm

NBC news had a story on that tonight. Projected to run out of money with in a month. Dealers want more money put to the program. Love seeing the people shopping at the Toyota dealer.
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Post  floridafun Fri Jul 31, 2009 8:37 am

so the deal was a stupid fail on obamas part because folks came out in droves and took advantage.

i will add that to my list of all the obama awful big gov things..like killing seniors and the unborn--worldwide!!!-- on his new healthcare IF it contains a public option (except of course fed money already contributes to abortions internationally with NO public plan in place as a choice for all. and the killing of seniors is actually offering them the opportunity to create living wills is they want one).

oh..and of course he was born in kenya, pals around with terrorists, and hates white people. wow i gotta rethink this supporting obama thing.. rendeer
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Post  Markwes Fri Jul 31, 2009 9:38 am

floridafun wrote:so the deal was a stupid fail on obamas part because folks came out in droves and took advantage.

i will add that to my list of all the obama awful big gov things..like killing seniors and the unborn--worldwide!!!-- on his new healthcare IF it contains a public option (except of course fed money already contributes to abortions internationally with NO public plan in place as a choice for all. and the killing of seniors is actually offering them the opportunity to create living wills is they want one).

oh..and of course he was born in kenya, pals around with terrorists, and hates white people. wow i gotta rethink this supporting obama thing.. rendeer
Sarcasm tends to lose its effect when overused.
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Post  Guest Fri Jul 31, 2009 10:24 am

LTRT wrote:AP sources: Govt to suspend 'cash for clunkers'
http://www.breitbart.com/article.php?id=D99P2U9G1&show_article=1

Jul 30 07:39 PM US/Eastern
By KEN THOMAS
Associated Press Writer

WASHINGTON (AP) - Congressional officials say the government plans to suspend the popular "cash for clunkers" program amid concerns it could quickly use up the $1 billion in rebates for new car purchases.
The Transportation Department called congressional offices late Thursday to alert them to the decision to halt the program, which offered owners of old cars and trucks $3,500 or $4,500 toward a new, more fuel-efficient vehicle.

The congressional officials spoke on condition of anonymity because they were not authorized to speak publicly.

Through late Wednesday, 22,782 vehicles had been purchased through the program and nearly $96 million had been spent. But dealers raised concerns of large backlogs in the system, prompting the suspension.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Hahahaha, what a joke. You think they could suspend giving away some of that stimulus money for turtle tunnels? Yeh right...


Why is it a joke seems like it was more succesfful than thougoht ... we should pump another 2-3 Billion in to the program.
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Post  LTRT Fri Jul 31, 2009 12:06 pm

Bman wrote:Why is it a joke seems like it was more succesfful than thougoht ... we should pump another 2-3 Billion in to the program.

A program of this kind isn't defined as a success by how many individuals desire its use.

Edit:
LOL, Bman gets the psychic award for the day. cheers

Cash for clunkers gets another $2 billion
http://money.cnn.com/2009/07/30/autos/cash_for_clunkers_suspended/index.htm
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Post  Guest Fri Jul 31, 2009 2:58 pm

LTRT wrote:
Bman wrote:Why is it a joke seems like it was more succesfful than thougoht ... we should pump another 2-3 Billion in to the program.

A program of this kind isn't defined as a success by how many individuals desire its use.

Edit:
LOL, Bman gets the psychic award for the day. cheers

Cash for clunkers gets another $2 billion
http://money.cnn.com/2009/07/30/autos/cash_for_clunkers_suspended/index.htm

Really? A program designed to stimulate the auto industry and pump money into local economies and put more fuel efficient cars on the road can't keep up with the demand and you say this is not a success?

Whatever ... BITTER!
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Post  Guest Fri Jul 31, 2009 3:15 pm

I do think the program does more good than harm in our current economic situation. Remembering that our economy is driven 70% by consumer spending.

Sure there are other more noble things to spend money on, but this is one program where a lot of people can agree that it's doing good. I think they should do phase 2 and only give $4000, cuz $4500 is just a bit too much. clown
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