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What it is is very down-to-earth middle class people that bought vehicles in the 90s, used them, kept them and now have no use for them. NONE!! are the indigent poor you believe owns all the clunkers. Many of these are simply writing checks for the difference, financing is of no interest. That's not a characteristic of the indigent owners you apparently see more of.
Now, they get a windfall on an inflated trade in.
And unlike the people that are driving stuff like this because they can't afford any better, the middle class folks are able to trade up.
So if the intent of the program is to get people to buy cars that can afford it, but are just too "cheap" to do it, well, then it is working.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
Oh I can guarantee that "we" aren't the majority. Most people don't think long-term, but more spur-of-the-moment, instant gratification. I'm sure early retirement is little more than a wild fantasy for most people. I'm sure people look at me like I'm poor, as they see me turn my 10 year old Intrepid (on a good day, sometimes I might be driving a car that's older than me!) into the yard where my 93 year old house sits, as they blow past in their leased BMW or Benz or whatever to their starter castle with its 40 year ARM that's about to reset. But, chances are, I'm already ahead of them financially, as the Intrepid has been paid off for close to 5 years, and my mortgage is under $1000/mo.
But, most people probably don't want to drive a 10 year old car with battle scars, or live in a 93 year old house that has fewer bathrooms than occupants. It's just not fashionable! :P
These salesguys on here are mainly going by what they see...people driving their old clunkers and wanting something new, but probably having to jump through some pretty big financial hoops if they want to get it. Besides, the people who are driving old cars to be
cheapfrugal, more than likely, when their car wears out, they're NOT going down to the dealer to get a new one...but rather they'll try to pick up a used one, private party, family member, or whatever. So even if there are a lot of the frugal types out there, those that want to drive an older car, rather than HAVE to drive it, the salespeople really aren't going to see them.My case exactly. When I finally decide to replace one of my daily drivers ('87 BMW or my ''92 Sentra SE-R), that's exactly what I intend to do. Buy something 2 or 3 years old with low miles where the seller has already taken the big hit for depreciation. Monetarily that's a much better deal, IMO, than the $3500 to $4500 C4C rebate, which has to be a new vehicle purchase.
I put new tires on the Sentra back in February. So, 5 months later, I'm already ahead of the game. Getting time for the smog test (which it has always passed), so the results of that may decide whether I keep the car or not.
Anyway, I've been shopping for a car to replace my RX-8 since last year, but with the economy in a slide and job situation always an uncertainty, I held off. Now, the Cash-For-Clunkers comes out and I have a car that just squeaks in. It was built January 1985, gets 17 MPG combined, according to Cars.gov, and I'm gonna get $4500 for it when I trade it in! The RX-7 has been a great car. It has 170,000 miles, never stuck a cent in it other than regular maintenance and the $700 for a new radiator and altenator when it was resurrected by my original mechanic.
My original plan was to hand over my RX-8 to my oldest son, he loves the car and drives it every chance he gets, and buy something for myself. After test driving a dozen different cars, I realized it would take something expensive to beat my RX-8 in looks and driving experience. So, I told the boys, "How about a new car?".
They thought it was a great idea. I told them to find what they want and keep the payment under $300. They chose a 2009 Honda Fit Sport, about $16,000 and it qualified my RX-7 for $4500! I'm loving it, since I doubted anyone would give me $500 for it, a dealer would give me nothing. I get my kids into a much safer car and they get something they can keep for a long time.
I wrote a blog about it, http://mannyljr.typepad.com/lizardslair/2009/07/cashforclunkers-1985-mazda-rx7-g- - slse.html
I'm picking up the new car on Saturday, woo-hoo! Thank you, Obama!
http://www.cars.gov/files/C4CRule_OMB.pdf
In every way, people here are well above the average.
Most car buyers go into the process stone blind and that is why they end up with too much car,higher rates, mop and glo, the whole nine yards.
Frankly,there are a lot of dumb buyers out there.
If you really want to see what the average car buyer looks like, go work at a Hyundai or Nissan or Ford store in the working class part of town. Me, I've been there and done that.
All along, the fueleconomy.gov website had ONE entry for the 96 Bonneville, and it said 18 MPG Combined. Well they literally just added another entry for a 96 Bonneville, and the new one says 21 MPG Combined. The only difference I see between the two entries is the 18 MPG says premium fuel, and the 21 MPG says regular fuel.
Please tell me I am not going to get screwed out of CFC.
I'd better get my rear down to pick up my jew car first thing Monday before they add another Town and Country.
I hope you're right. In the context of allegations of crooked business dealings, it could be regarded as a very incendiary and racist remark.
I think both the customers and the salespeople are still a bit uninformed about the program. . .
Trust me! You qualify!
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Welcome to the...Military-Industrial Complex
So evidently, they went and applied the current, dumbed-down EPA figures to the 1984 model cars. Interestingly, they also went and calculated the 1985-2007-style numbers as well, which you can see if you click on "compare to original window sticker". Only thing is...that's not the original window sticker number! In 1984, they were still publishing raw numbers.
Anyway, for the time being at least, looks like 1984 cars are eligible...although my guess is that as of 1/1/10 they won't be ( provided this program gets extended to that far)
Lifetime mpg on the Voyager was 18.07 over 9 years (I think the original number on the sticker was 19). The V6 Quest is getting 21.42 and it's 10 years old now now.
We have spent most of the day telling folks there ride does not qualify or telling them they don't get trade in value and the CARS money.
So far those who qualify think the program is great and those who don't think it is just the dealer trying to rip them off. Like we made the rules
I think it's brand new today. When you used to go to CARS.gov and click on the last tab, it brought you to a much different looking fueleconomy.gov. Now you put in your proposed trade in and your proposed purchase and it tells you what you potentially qualify for.
A summary sheet
A statement that the dealer is a-Biden' by the law.
A statement that purchaser is a-Biden' by the law.
A 3 question survey for the buyer.
That's it at the time of delievery.
Shortly thereafter the 'Destroyer' has to certify his actions.
97 TownCar ==> '10 Prius
93 Silverado==> '10 Prius
95 Jeep GC==> '10 Prius
Plus about 60 more just at our store.