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Smart Shopper Cash for Clunkers - Does it Work for You?
2647 messages, Last post on Oct 01, 2009 at 6:33 PM
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Edmunds Cash for Clunkers Calculator
I Traded My Clunker and Bought a....?
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Replying to: dtownfb (Jul 06, 2009 8:50 am) I think someone earlier along came up with a nice little jingle..."Bucks for Trucks". Which is essentially what the bill is, since so few cars actually qualify. But yeah, the whole "clunker" thing is very misleading. You could theoretically have a 1986 Civic that's grossly out of tune and on its last legs and belching filth as well as any 1960's musclecar did. But, its EPA rating is too good, so it's not a "clunker" in this sense. Nevermind the fact "clunker" and "guzzler" are two mutually exclusive terms. It's too bad they don't pass some kind of bill that's more equitable across the board. Say, we throw out that 18 mpg or less threshold, and just make it so that as long as your new car gets a combined rating of at least 20% better than what you're crushing, you'll get a credit. So, for example, if I wanted to turn in my 2000 Intrepid, which gets a combined rating of 21 mpg, I'd have to get something that gets at least 25.2 mpg. That may not sound like much of a boost, but using that example, it still rules out a lot of cars. For example, among midsized cars, The 4-cyl Accord only scores 24 mpg! The 4-cyl Camry gets 25, as does the 2010 Fusion (the S gets 27 though). The Malibu 4-cyl gets 25 with the 4-speed auto, 26 with the 6-speed. And the Nissan Altima 4-cyl gets 26. The downside, I guess, is that this bill would still benefit owners of larger cars more. For example, if you had a Crown Vic with 18 mpg combined to trade in, your new car would only have to get 21.6 combined or better. So a Crown Vic owner would be able to get just about any 4-cyl midsize, as well as a V-6 Altima, Accord, or Camry. And if you had something economical, say a 2000 Echo stick shift rated at 32 mpg combined, you'd have to upgrade to something that gets 38.4 combined or better. And the only way you're gonna get that is to go with a Prius, Insight, hybrid Fusion, and that's probably about it. Even the likes of the Fit and Yaris are only EPA-rated around 30-32 combined. So in the end, I guess there truly is no perfect answer that would satisfy everybody.
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Replying to: andre1969 (Jul 06, 2009 9:24 am) Don't forget this bill is temporary. the next iteration can be changed to reflect your thoughts. I like the "Bucks for Trucks" |
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Replying to: kathyc2 (Jul 06, 2009 9:05 am) A lot of people who have a lot of money don't feel the need to drive a new or fancy car. This may be part of the reason they have the money!
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Replying to: isellhondas (Jul 06, 2009 10:04 am) Many people who have accumulated wealth have done so by making wise financial decisions along the way, including hanging on to older vehicles. However, I doubt that these are the people for whom the "Cash for Clunkers" program was initiated. While they may benefit from the program, I don't believe that these folks were just waiting for a financial incentive to trade in; rather, they are likely to trade in when they are ready to pay for a new vehicle. Sadly, I fear this program may encourage some people to jump into a new car payment when they aren't in the best financial decision to do so. But no one asked me 
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Replying to: isellhondas (Jul 06, 2009 10:04 am) Many people who have accumulated wealth have done so by making wise financial decisions along the way, including hanging on to older vehicles. However, I doubt that these are the people for whom the "Cash for Clunkers" program was initiated. While they may benefit from the program, I don't believe that these folks were just waiting for a financial incentive to trade in; rather, they are likely to trade in when they are ready to pay for a new vehicle. Sadly, I fear this program may encourage some people to jump into a new car payment when they aren't in the best financial decision to do so. But no one asked me
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Replying to: fintail (Jul 06, 2009 9:17 am) and these people are not meeting with car salesmen on a regular basis. Car salesmen do get a somewhat distorted view of the average car owner as they see those who trade frequently far more often than those who buy a car and keep it "forever". The guy who trades every 3 years will be in 4 times to once for the guy who goes 12 years with a car.
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Replying to: kirstie_h (Jul 06, 2009 10:12 am) Appearances and atmosphere are very important to many businesses. Show up looking like a bum, and it doesn't matter if you can squeak by with the $; they don't want you in. Yet it is "fair" to make comments such as the above? To suggest that someone driving an 88 Bronco is not worthy to park at the dealership? It's a car lot not a member only counrty club!
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I have a 95 Toyota 4 runner with a reconstituted title - I use it as my car to get me around in winter, and to drive the .5 miles to work. I have a 1999 Infiniti that is well maintained and still beautiful and don't really want a new car as I have (with the exception of 1 new car) always shopped carefully for low mileage used cars and put the savings in the bank. But - my girlfriend is thinking about a new car - can I let her use my 4Runner voucher so I can then buy her used Pilot for more than she would get at the dealer? I have looked for this answer but I don't see anything that would prohibit it yet.
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Replying to: doidoadiesel (Jul 06, 2009 11:11 am) Your vehicle must be continuously insured and registered to the same owner for the full year preceding the trade-in. So.. you can't give away your CARS voucher. I have a simliar situation where my car is still under my parents name. I would like to trade it in for a new car, and the only way I see as getting around that is to co-sign with my parents for the new purchase (confirmed by calling CARS hotline). Otherwise, if they buy it and then transfer the title to me, even though it would be tax free, I would have to get a new loan that wouldn't have the low interest rates as I would get if I was financed through the dealer.
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Replying to: doidoadiesel (Jul 06, 2009 11:11 am) |
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