Cash for Clunkers Extended
The Senate just voted to extend the cash for clunkers program to the tune of another $2 billion dollars. Here are the top 10 new cars purchased under the cash for clunkers program:
1. Toyota Corolla
2. Ford Focus FWD
3. Honda Civic
4. Toyota Prius
5. Toyota Camry
6. Hyundai Elantra
7. Ford Escape FWD
8. Dodge Caliber
9. Honda Fit
10. Chevrolet Cobalt
As far as the total sales are going, the Big Three account for about 45% of the sales. I still don’t understand why my tax dollars are going to help people make bad decisions with their money. Those new cars will devalue by about as much as the government is giving you as soon as you drive the car off the lot. But whatever, we’re stimulating the economy! Keep in mind all these people will have an average of $460 less per month to spend on other things, but lets not think about that.
your taxes for your clunker and now you have a payment for how many years. Oh, yea sounds like a win win. for who.
I hadn’t kept up with this until about a few days ago, and the more I read the more I wonder who had their hand in designing this site and program. What do you think of the this whole thing about the cars.gov taking peoples information from their own computer while they are visiting their (cars.gov) site?
I hadn’t heard anything about that until just now. That is crazy and very bizarre. Even for the government. I’m not sure who actually clicks continue after getting a warning message like that. Sheesh.
The best way to look at this program is that the government really underestimated the funding for it and had to add an additional $2 Billion (that’s a 200% increase). Now auto dealers are complaining because the government hasn’t provided them with the money the dealers have already provided their customers. The government screwed up on the estimates and screwed up on the implementation. Now they want to manage your health care.
So let me get this right: many of the same people that can’t pay their mortgage will now not be able to make a car payment. Not sure what part of the economy they’re trying to stimulate.
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It’s a way to keep consumer spending data and retail sales artificially high. Soon they will start paying people to shop at malls! lol
Problem is those numbers are minuscule compared to the effects of the Option ARM and ALT-A mortgage bubble burst coming soon. Combine that with a currency crisis and real unemployment at 20% and rising, their ain’t shit they can do!