Tuesday, August 4, 2009
Cash for Clunkers?
All of a sudden, everyone wants a new car...at what cost? How many buyers are getting into more debt? Most of these buyers will have to get a car loan. I have a clunker with no current car payment, but is it worth trading it in and getting a new car that will come with a five year payment plan? In my situation the answer is "NO", and in how many other situations is the answer no and they still do it? Doesn't the Obama administration see this?
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do the math - they ran out of money at one billion dollars. They report 225,000 cars sold at a msximum of 4,500 rebate per car. Multiply 4,500 by 225,000 and you get slightly over 100 million dollars. SO WHERE DID THE REMAINING MONEY GO?
ReplyDeleteStimulating a particular industry is nothing new. It happened in Germany where I grew up some 75 years ago. The Government, in order to stimulate the automobile industry waived auto tax, on all new small 1,2 liter or less displacement cars.
ReplyDeleteThen those 4 cylinder 2 doors Ford and G.M' (Opel) sold like hot cakes. Ironically the manufacturers were American owned. Now we give Honda, Nissan and Toyota a break.
De JA vous all over.
We bought one. What the heck, can't get any more patriotic in times of despair, right?
We used to say: "See the USA, in a Chevrolet"
Now: "See the USA, in an Obama Mobileh". It does not really rhyme, but life still can be so full of fun.
Horst Kraus