Cash for Clunkers?

Osterkraut wrote:

There's more than one kind of test, too.

Well color me enlightened.Much like barbeque sauce,baskin robbins ice cream and crayons I thought there was only ONE kind of I.Q. test.

Wow, this thread sure took a turn.....

egnorant wrote: Yanks my chain that I worked for years to get out of paying interest (due to my belief that banks are evil and greedy) only to have my taxes raised so they can help banks rope more people into interest paying situations. I may have heard wrong, but is it also a provision that these "clunkers" are valued at scrap prices for a trade in value? Does this mean that the cars are to be crushed or are they available for parts recycling through the local "pick-N- Pull"? Since the only car I have that is eligible is my 69 Mustang convertible, could it reappear on the road with a salvage title? Since GM now has government managment, will they be unable to resell cars that qualify as "Clunkers". Will this possibly creat ea "car bubble" when this easy credit promotion interacts with real life? Sorry for so many questions, but I just don't trust a deal that sounds too good.....and I really don't trust this one which sounds like a train wreck from day one. Bruce P.S. IQ tested several times at 145 average..was told that this was top 2 percent.

Sending 'clunkers' to the crusher will delplete the supply of cheap used cars and increase prices. I'm am stocking up on cheap used cars in anticipation of this next bubble.

www.cars.gov said: The law requires your trade-in vehicle to be destroyed. Therefore, the value you negotiate with the dealer for your trade-in vehicle is not likely to exceed its scrap value. The law requires the dealer to disclose to you an estimate of the scrap value of your trade-in vehicle.

you can get up to 4500 for it, it gets scrapped, and i think anything but the drivetrain can be sold off of it.

In reply to Strizzo:

It's a neat program ... but it's not very efficient .. since it may scrap some nice usable cars&parts.

Tip: a guy on Facebook is giving away employee discounts that can be combined with Cash4Clunkers program to make a really good deal, Google "thenewgeneral" for his profile.

Paul

I'm trying to figure out why a dealership wouldn't let me do both a clunker car and a regular trade-in on a new car. The clunker is pretty much cash in their pocket, as long as all the wickets are met, and the scrap value should pay for their time doing whatever they have to do to crush the thing. Then an additional trade-in would be just like as if I was trading in something without the clunker program.

It would let me get $4500 for my $700 truck, and trade in the fiance's car on something we might actually like to have.

Yes, I suspect that you can trade in two vehicles on one purchase. Just expect that you will get typical car-lot style low end trade in value and maybe even lower. The $4,500 comes from the gov't not the dealer.

Buying American has cost me thousands of $$$ in deprecation compared to Toyotas and Hondas. I want that money back.

I buy for the long term. I'm much less worried about depreciation than my parents, who trade in every 2 years.

I wish more people held onto their cars for a longer time than currently do. 30,000 miles on a modern car is just barely breaking it in, as the saying goes. I wish people didn't feel the need to have that new car smell all the time. Personally, I like the smell of old Hondas.

Article in our local paper showed that the cars were being crushed at the lot. Free BBQ, hot dogs, balloons...the whole festival atmosphere.

I suggested to a friend that he take his beat to death Pontiac Bonneville that weighs a billion pounds and gets about 15 mpg to try to trade for someone elses newer and cleaner trade in.

I still think this is about getting money flowing back to the car companies, banks and insurance companies.

Bruce

I drove by a pretty nice ~2001ish Subaru Legacy Wagon the other day parked by the side of the road with a for sale sign. They were asking $3250. It looked like a perfectly good car, loaded with a leather interior and heated seats and stuff, probably a great winter car, LEV stickers on the windows. I'm sure it was ready to give someone else another 100000 miles of efficient service. Then I realized - the people selling it could get an EXTRA $1250 if they just handed it over to the government and let it get shredded for no good reason. Then I thought about all the thousands of cars just like that one that are going to get needlessly destroyed and I felt like throwing up. Can we just stop talking about this cash for clunkers thing. It makes me feel like crap everytime I see it. The incessant TV commercials are bad enough, I just about can't watch Red Sox games anymore (of course the team is not helping that situation).

egnorant wrote: Since the only car I have that is eligible is my 69 Mustang convertible, could it reappear on the road with a salvage title?

In spite of your IQ, your reading comprehension may not be the best, as your 69 Mustang is too old to qualify for the program.

Josh wrote: I drove by a pretty nice ~2001ish Subaru Legacy Wagon the other day parked by the side of the road with a for sale sign. They were asking $3250. It looked like a perfectly good car, loaded with a leather interior and heated seats and stuff, probably a great winter car, LEV stickers on the windows. I'm sure it was ready to give someone else another 100000 miles of efficient service. Then I realized - the people selling it could get an EXTRA $1250 if they just handed it over to the government and let it get shredded for no good reason. Then I thought about all the thousands of cars just like that one that are going to get needlessly destroyed and I felt like throwing up. Can we just stop talking about this cash for clunkers thing. It makes me feel like crap everytime I see it. The incessant TV commercials are bad enough, I just about can't watch Red Sox games anymore (of course the team is not helping that situation).

Fuel mileage is more than 19 mpg. I don''t think it is a "clunker".

VanillaSky wrote: I buy for the long term. I'm much less worried about depreciation than my parents, who trade in every 2 years. I wish more people held onto their cars for a longer time than currently do. 30,000 miles on a modern car is just barely breaking it in, as the saying goes. I wish people didn't feel the need to have that new car smell all the time. Personally, I like the smell of old Hondas.

Depreciation is something to consider regardless or term if you finance or insure your car. I usually drive 24,000 to 30,000 miles a year and keep a car 5-6 years. My 1 0f 279 Neon ACR was worth only $4000 when a 1 of many Honda Civic SI would have been worth $8000. I also used to not be bothered by the depreciation if I liked the cars. (And I did.) But now that I am older and trying to be smarter with my money, it bothers me. BTW those 2 year old, 30,000 mile trade ins still keep the world spinning around. Somebody else buys them.

Yes, as stated above, the car you are trading in must be rated for less than 18mpg as noted on www.fueleconomy.gov.

So, a 1988 Old Cierra 6 cyl (a quite crappy car) does not qualify because it is rated at 20 mpg and can not be traded in.

I don't understand the chart. Does that mean that I am below 55?

Does scrap mean shred? Maybe some will go to a yard.