Sometimes, I am out of news loop, so this is an interesting concept by Obama and democrats based on the European model. Many of you heard of it, it is called “Cash for Your Clunker” an effort to get people driving better fuel efficient vehicles, you can either get a $3500 voucher or a $4500 voucher depending on your vehicle and what you buy. This sounds too good to be true because I got to thinking, could I trade in my 86 Mercury Lynx for a used early 2000s vehicle and not a pay a dime. NO
This voucher goes to the purchase of a new vehicle. So that leaves me out because no one will give me an auto loan for two reasons my income is pathetic and my past credit (although it is improving I am still a high risk). Of course, you would think the dealers would have a influx of used cars for sale. This is also not the case as these cars will be junked.
There are some regulations and conditions about this bill so we will see if it gets passed. I do like the idea even though it will cost $4 billion dollars, anymore 4 billion doesn’t seem that much when it comes to government spending. It won’t help me get a newer car but I will wait for the trickle down of used cars that have better gas mileage to come on down.
For more information and answers to your questions check out this article on USA Today How the Cash for Clunker Will Work
My question to you is do you plan on using this program if it goes through and you are eligible
June 20th, 2009 by J Scott | No Comments »