Cash for Clunkers Program

[NickD 203]

Have to go to http://www.fueleconomy.gov/ to see if your clunker is eligible and can't really be that much of a clunker. Has to be complete, in running condition, and have to show proof of ownership, registration, and insurance for at least a full year. And that vehicle has to have a combined EPA fuel economy rating of equal to or less than 18 mpg.

Then the new and has to be brand new vehicle you choose has to have at least a combined EPA rating of more than 10 mpg than your clunker. Wife said oh boy, let's look at a Toyota 4 Runner, that vehicle will give you zero on your clunker, have to look at an economy car, like am Aveo, Cobalt, Civic, Corolla, or a Focus five speed, AT won't hack it.

So far I hit Ford, GM, and Chrysler, nothing really of interest, but try to deal anyway, typically when you pay cash for a new car, get a couple of bucks off the MSRP, but while the dealer doesn't have any investment in your old clunker, all of them treated it as a trade-in and wanted full retail price. I haven't check with Toyota, Honda, or Nissan yet. But if these any of these vehicles are below that 10 mpg increase, the value of your clunker that is complete and fully runnable drops drastically in what the government will pay, like zero with that 4 Runner.

Was thinking of trading off my prestine 92 DeVille that I had for a very long time, but kind of like sending your best friend to the electric chair, it's the only vehicle I have that meets that 18 mpg requirement. It's primarily my trip vehicle, but on the highway, gets more like 28 mpg, can do better than 30 if I press the cruise at 53 mph that is the optimum speed for fuel economy, increase or decrease that speed, fuel mileage goes down.

Most of the new vehicles I sat in was like sitting on a board, especially on the tail bone, no five at all, would either have to buy a cushion or put on layers of fat. And all that silly spy on you stuff, another freedom lost, screw that noise, will stick with my Caddy. And anything near the size of the Caddy gets worse fuel economy.

Did drive by the clunkers they already took in trade and said a pray for the souls of those cars, headed toward the crusher, poor things, many looked pretty nice yet. Rebuilding older cars was once considered good for the environment, but I guess not anymore. But did hear this rebate program was a success and being killed, government already spent their billion dollars. Could export all these vehicles to Latin America and make a small fortune and would if they had any common sense.

[silvanski 1]

Duped!

While waiting to get approved for a loan on a Honda CRV to replace our gas guzzling V-8 Cougar the government closes the tap on the CFC program...

Sucks badly aye?

Edited July 31, 2009 by silvanski

[Ban Hammer 13,343]

from what i heard this morning, this program has been suspended as they are out of money already for it.

[HAL 9000 96]

We couldn't have expected it to go on for ever now could we?

How many people do we know here that have used the program??

So far, 4 people close to me.

It IS really silly how they'd prefer to chemically destroy the motors though. Recycling should always have been a major point. Glad they suspended the program TBO.

[NickD 203]

We couldn't have expected it to go on for ever now could we?

How many people do we know here that have used the program??

So far, 4 people close to me.

It IS really silly how they'd prefer to chemically destroy the motors though. Recycling should always have been a major point. Glad they suspended the program TBO.

A 1933 fully restored Dusenberg would be eligible.

[HAL 9000 96]

We couldn't have expected it to go on for ever now could we?

How many people do we know here that have used the program??

So far, 4 people close to me.

It IS really silly how they'd prefer to chemically destroy the motors though. Recycling should always have been a major point. Glad they suspended the program TBO.

A 1933 fully restored Dusenberg would be eligible.

For a Torpedo Coupe?

[alienlovechild 75]

The program was a clunker from the beginning for most consumers. Better to get a used car that's 2 or 3 years old. The depreciation amount beats the government was willing to pay for a new car.

[milimelo 4,481]

from what i heard this morning, this program has been suspended as they are out of money already for it.

that's what I saw today on the news. I guess they didn't expect people to be that interested.

Edited July 31, 2009 by milimelo

[SMOKE 1,426]

House approves extending ‘cash for clunkers’

Lawmakers pass $2 billion bill to keep program alive; will go to Senate

WASHINGTON - The House voted overwhelmingly Friday to rush $2 billion into the popular but financially strapped "cash for clunkers" car purchase program, heeding calls from consumers eager to keep taking advantage of thousands of dollars in trade-in incentives.

House members approved the measure 316-109 within hours of learning from Transportation Secretary Ray LaHood that the program was running out of money.

President Barack Obama said he was encouraged by the House action to keep alive a program that had "succeeded well beyond our expectations." Senate action is likely next week, ensuring the program won' be affected by the sudden shortage of cash.

Rep. Steve Israel, D-N.Y., said of the program: "This is a test drive, and people bought it big time."

Called the Car Allowance Rebate System, or CARS, the program is designed to help the economy and the environment by spurring new car sales. Car owners can receive federal subsidies of up to $4,500 for trading in their old cars for new ones that achieve significantly higher gas mileage.

House Majority Leader Steny Hoyer said the new money for the program would come from funds approved earlier in the year as part of an economic stimulus bill.

House Speaker Nancy Pelosi, D-Calif., said the cars purchased under the program were much more fuel-efficient than the bill requires.

"Consumers have spoken with their wallets, and they've said they like this program," said Rep. David Obey, D-Wis.

Some Republicans argued that Democrats were trying to jam the legislation through. A number of lawmakers also complained that many dealers have been left to contend with a chaotic government-run program.

"The federal government can't process a simple rebate. I've got dealers who have submitted the paperwork three times and have gotten three rejections," said Rep. Pete Hoekstra, R-Mich. "What is a dealer supposed to do?"

There had been a $1 billion budget for rebates for new car sales in the program that was officially launched last week and has been heavily publicized by automakers and dealers.

The program offers owners of old cars and trucks $3,500 or $4,500 toward new, more fuel-efficient vehicles, in exchange for scrapping their old vehicles.

In the Senate, Dianne Feinstein, D-Calif., had proposed a plan that would have required the new vehicles to be vastly more fuel-efficient. When Feinstein supported the $1 billion funding plan in June, she said she received "absolute assurance" from Senate leaders that if the program continued beyond November it would be modeled after her bill.

Feinstein and Sen. Susan Collins, R-Maine, asked the Transportation Department Friday for more details on how the program has worked. "Congress needs this data in order to determine if the fleet modernization program delivered significant fuel economy gains and oil savings," Feinstein and Collins wrote.

Sen. Carl Levin, D-Mich., said the administration assured lawmakers that "deals will be honored until otherwise noted by the White House." But he suggested that "people ought to get in and buy their cars."

At the White House, press secretary Robert Gibbs sought to assure consumers that the program was still running and would be alive "this weekend. If you were planning on going to buy a car this weekend, using this program, this program continues to run."

It was unclear how many cars had been sold under the program.

Sen. Debbie Stabenow, D-Mich., said about 40,000 vehicle sales had been completed through the program but dealers estimated they were trying to complete transactions on another 200,000 vehicles.

John McEleney, chairman of the National Automobile Dealers Association, said many dealers have been confused about whether the program will be extended and for how long. Many had stopped offering the deals Thursday after word came out that the funds available for refunds had been exhausted.

The clunkers program was set up to boost U.S. auto sales and help struggling automakers through the worst sales slump in more than a quarter-century. Sales for the first half of the year were down 35 percent from the same period in 2008, and analysts are predicting only a modest recovery in the second half.

With so much uncertainty surrounding the program, North Palm Beach, Fla., dealer Earl Stewart said he planned to continue to sell cars under the program but would delay delivering the new vehicles and scrapping the trade-ins.

"It's been a total panic with my customers and my sales staff. We are running in one direction and then we are running in another direction," he said.

http://www.msnbc.msn.com/id/32228179/ns/business-autos

[Bobby+Umit 161]

I saw a news report were they did a breakdown - basically - it amounts to 12 vouchers per each dealership in the States.

[peejay 327]

We got a new 2009 Hyundai Accent 2-door hatchback today using the program. It was just too hard to resist. Too much free money to pass it up. Although it really hurt me to trade in my old 1997 Jeep Cherokee. Even though it had 198,000 miles on it, the old beast was still mechanically sound, was still in great shape, and still a lot of fun to drive. I definitely would not classify it as a "clunker" or a "junker", but it fit the government criteria as such. May it rest in peace after 12 years of reliable service. I have a lot of fond memories of my travels in the old beast.

Anyway, $4500 from Uncle Sugar for a 12 year old vehicle that was probably worth less than $2000 and a $1500 factory rebate from Hyundai let us buy a new car for roughly $8700 total drive out price after taxes, title, license, and fees are added in. It knocked $6000 off of the price of the car from the get go. Not to mention that new car buyers can deduct the state & local sales tax off of federal income tax return for the 2009 tax year too.

Edited August 1, 2009 by peejay

[natty bumppo 297]

I don't care what obama offers ... I'm not gonna give up my woodie for a measly $4500 ....

[Pinocchio Liberal 268]

I don't care what obama offers ... I'm not gonna give up my woodie for a measly $4500 ....

Obama be spendin my money faster than I can earn it! Obama Motors ROCKS!

[natty bumppo 297]

I don't care what obama offers ... I'm not gonna give up my woodie for a measly $4500 ....

Obama be spendin my money faster than I can earn it! Obama Motors ROCKS!

wait ... didn't GM (obama motors) tell everyone not to invest in them last month?

[Pinocchio Liberal 268]

I don't care what obama offers ... I'm not gonna give up my woodie for a measly $4500 ....

Obama be spendin my money faster than I can earn it! Obama Motors ROCKS!

wait ... didn't GM (obama motors) tell everyone not to invest in them last month?

Trust me! I know how to spend your money better than you.