From the article: Cash For Clunkers - An Overview of the CARS Program
The Cash for Clunkers program is offering a rebate of up to $4,500 for every gas-guzzling vehicle that gets traded in for a new, fuel-efficient vehicle. What do you think of the program?
Not much at all
- As a person with two real clunkers that get combined MPGs of 20 and 26, respectively, I am not eligible for the program. I also can't afford to buy a new car, so I need to keep my clunkers running with spit and duct tape. Granted, the program is partly to boost the economy and partly to help the environment. But the economy needs serious boosting, and giving this $4,500 gift to ALL Americans would certainly do that. (I also missed out on the $7000 tax credit for new home purchases. I got the $6500 "loan" that I have to pay back in 15 years.) But I do get to pay the New York MTA fare increases and Gov. Patterson's absurd self-employment tax to cover the MTA's operating expenses. Yay me! No help, more taxes - For me, and much of the middle class, all of Obama's "help" has been too little to late. And to think, I voted for this guy.
- —Guest ACM
Not so fast.....Think
- I have problems with this program. It is yours and my tax dollars again being used to subsidize a Government give away program. There is a good possibility many people are being star struck by this and very well could be purchasing something that could end up in a financial disaster. On a personal note I believe you do not buy a car until you have saved the money to do so. I do not believe in buying a new car because you lose a great deal of money when you drive off the lot. I always purchase a car that is a couple of years old for around 10 to 12 thousand less than new. This has worked very well for me for 35 plus years. One more thought..wonder if anybody that has used this program has thought how much gas you could buy with the 500 to 600 monthly payment you are going to have for the next 5-7 years. Answer is a bunch. The thrill of new car smell and the shiney appearance is gone pretty fast, but the payments hang around a very long time.
- —Guest Charles
CARS
- Middle class, larger family who qualifies for NOTHING actually got a boost. Turned in a 12 mpg car with 200,000+ miles on it for a new car with 29/36 mpg. We are ahead of the financial game even tho we have a 0% car loan. We can easily afford this. Lower insurance, lower town taxes, lower fuel needs. This is giving us wiggle room. It's a no brainer for us. Only "glitch" is trying to finalize the deal. Dealer holding registration until check is received from CARS, so we are driving the new car w/ a dealer plate. While the old car will have the engine seized, the steel can STILL be recycled. The good parts will be sold off by the junk yard, the remainder of the car will be crushed and melted to extract the steel. Boon for junk yards. This program will also drop pollutants in the air. It's a win-win.
- —CSCM63
Nobody will help me!!!!!
- I have poor credit, so it is already hard for me to get a car loan; but around the end of last month, I went to the PATTCHETS FORD in Turlock and tried to buy a truck. Once I got there I was told that someone would be right with me, so I waited. One hour later, after I saw people who came after me being helped, a salesman finally came. He told me they are very busy because of the cars program. After that I gave my info. The salesman comes back with two papers for me to sign, and says, "Sign this form that states we checked your credit, and we cant help you." Then he walked away, and I said why? He said because of my score, so I told him, "How much money do you need for me to be approved." He went into the tinted office, and walked right out within 5 seconds and said, "We cant help you" and walked off. The car was $15,985, and I was ready to pay cash for it but i was never given the option. I bought my Ford Ranger in Modesto with a 64% loan. It's hard for people who just need a car.
- —randy20001
Sounds Good On Surface But...
- While the initial reaction to this is that it sounds great, I have to concur with what many have already said. Bottom line, 1) Why get many people into debt who probably can't afford it, 2)these cars should not be crushed when they are in working order, 3)give the work of fixing and keeping them up to local garages. We need to stop putting bandages on the U.S. debt problem and instead, do what many Americans are trying to do, be fiscally responsible for (a) CHANGE!
- —JustAnAllAmericanGirl
Before You Log into cars.gov
- DO NOT GET in the cars.gov website before you listen to this FaxNews first.This is a big government scam,they discovered the scam at FaxNeWS.
- —Guest daniela
clunker cash
- My neighbor is selling his 9 passenger van that is 10 years old with 45k on it for $2,900 by himself rather than go through the hassle. He's not stupid and he is cheap. He investigated everything and figured he would come out ahead this way.
- —Guest james7777777
Seems wasteful and "anti-frugal"
- We have a car that qualifies - BUT, it's all paid for, and actually gets much better mileage than the gov't estimates, because we keep up the maintainence. Why would we want to take on significant new debt to get rid of a working vehicle?? It seems like just another way to try to prop up the auto industry. I agree with a previous respondent - we NEVER buy brand new. They depreciate too quickly. For us, a good quality 1-3 year old car that we keep for years makes the most sense for our budget.
- —Guest Laura
Worked for me.
- I traded my '94 Mazda pickup with 160k miles for a Ford Ranger 4cyl that gets 23+ mpg. My Mazda was on it's last legs anyway. I paid 1/2 cash from savings, will finance the rest for a year. Ford Rangers are built here in St. Paul, MN. Couldn't have worked better for me. I think they sold 15 Ranger pickups and a bunch of their Focus cars. I wouldn't have bought brand new if it weren't for the Clunker program. I would have bought another beater truck that would have lasted me maybe 5 years. This one should last 15 for me at least. I think it's been hugely successful for boosting sales and getting junk like mine off the road. There is talk of expanding this program to include the purchase of used cars too, so we'll see what happens.
- —Guest Todd
Cash for Clunkers - Good move for some
- I turned in my 1998 Explorer for a budget-friendly, subcompact vehicle that gets 33 mpg on the highway and 28 in the city. I have not purchased a new vehicle in over 10 years and prior to the CARS program, could not afford to purchase a new vehicle, as I am working part time and attending college full time. I looked for a budget-friendly vehicle NOT my dream car or a luxury model! With the $4500.00 CARS rebate and 2000.00 manufacturer rebate - I was able to get this new vehicle for 11000.00 OTD (out the door). I found a credit union that was offering 4.00 APR for people with good credit. My monthly payments are $200.00 for 60 months. I love my new car and the gas I am saving. If you take the time to do your homework - figuring out what you can afford (based on your income) and research the various vehicle cost (dealer invoice, rebates, etc) via the internet as well as negotiating with dealerships on a price and searching for the lowest APR, you will be able to get a good deal.
- —budgetwise
Good for Some
- My clunker is a truck with 190,000 miles that is costing me more and more all the time. With the CFC downpayment and dealer incentives I can get an efficient vehicle that is within my means and I can drive it a long time. I could not have afforded anything otherwise.
- —Guest Perri
Cash for Dealers,& anti-classic cars
- This stinks! Its just like the mortgage crisis -- as in getting people who really can't afford more payments in this economy into buying new cars. AND it destroys cars and car parts that could be recycled for those who are into fixing and restoring the cars they already have, since they can't afford new cars. As soon as you drive a new car off the lot it depreciates greatly. I have never bought a new car off the lot. I buy very good used ones.
- —Guest JON
Keep it?
- Wow, this program is getting a lot of bad reviews!! Maybe I should just keep my 95 Dodge Minivan!
- —Guest Curious
Another stupid move by Obama
- This program sounds good until you go in to get a loan to finance the rest of the vehicle price. With so many credits ruined by foreclosures and late payments, you will be hard-pressed to find a bank to finance you, even if you make quite enough to pay for the vehicle comfortably. I have even had one dealership tell me that no banks are financing those with credit below 700 without a cosigner. Obama should have made them lighten up lending on car loans if he truly wanted this program to take off because without relaxing the credit score requirement this program will not go far. Also, if you are planning on getting your credit up, you will be out of luck. Creditors are not required to report to credit reporting agencies but once every 90 days, so even if you get your debts paid down to awesome levels by the first of August, you might still miss the program, which ends on Nov 1 or when cash supplies run out.
- —Guest Jennifer
Anne
- This seems to be such a waste of money and cars. Most of the people who have cars that qualify can't afford a new car. And just to destroy a car, unless they can recycle the parts, seems so wasteful.
- —Guest Anne
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