- NEW!
by tominhouston on August 4th, 2009
This program has already backfired. In a week a billion of YOUR hard earned dollars were spent to buy somebody else a new car. Can YOU afford a new car? If the Senate approves another 2 billion dollars it will be gone within a month. What then? Another 2 billion?
This is the response to a government giveaway of $4,500.00 for a new car. Imagine, if you will, what the response will be to a government giveaway of free health care. The same reaction I'll wager because the Medicare and Medicaid response was identical to the Cash for Clunkers program. All three programs went broke in no time. Government functions best when it has no money and it is up to us, the taxpayers to see that it gets that way and stays that way.
And another thing - How much energy is required to melt down all of these old cars? How much coal is expended in smelting them? Generally speaking steel (ferrous alloy) melts at about 2500 degrees F. aluminum at 1220 deg F. Are we making a bigger atmospheric mess taking them off the road and melting them down?
by Factotum on August 4th, 2009
No idea about the repos. I'm not thinking this program is helping the economy in any practical sense.
.
Besides, Congress bails out the car companies and then has to BRIBE people to purchase the cars? That's pathetic on top of pathetic.
by Randoley on August 4th, 2009
It will go the same way as the bail out for bad home loans. 60 percent of the people who got money to help with their mortgages still ended up losing their houses. A dead beat is a dead beat no matter how many government programs you chuck at them.
by LarryH54 on August 2nd, 2009
Do you HAVE to buy a new car with it? Or can you buy a good used car with it?
by Ron C on August 2nd, 2009
I doubt it. We have to assume that the credit companies learned their lesson about lending to unworthy people. Besides, $4500 isn't enough to tempt a person into buying a car.
If it stimulates the industry and gets gas guzzlers off the road, there's no downside. This is the kind of stimulation that should have been used instead of giving money to the banks.
by Friendo on August 4th, 2009
Relax. The program ran out of cash in less than a week. Anybody who borrows money from a bank in this economy is a goddamned fool.
by R U Sirius on August 4th, 2009
Hopefully the lenders aren't going to give loans to people who can't afford them. I'm hoping that we learned our lesson the first time................
by Rinky Dinky Do on August 2nd, 2009
Don't know and don't care. That could not possibly make things any worse. Besides, my theory is that nobody who couldn't afford it bought a new car. That was a program designed for the ones that have money and big ass SUVs and wanted to trade them for "fuel efficient" Mercedes and Beamers
by prof. mes solzhenitsy on August 2nd, 2009
"Thier"s won't be masssive....
by iDeath on August 4th, 2009
The only bad side is that dealers will find a way to steal with it and then seel the clunkers, when the idea is to get them off the streets. I sold cars I know how dealers operate.
by Normal guy on August 4th, 2009
I think many of the people who have held onto their clunkers are probably rather thrifty and paid cash or borrowed only a small portion of the amount they purchased the new vehicle for. I believe repos are primarily a result of people buying more car than they can afford, more often than they need. Lenders and those in the automotive industry make it far to easy for people to borrow more than they can afford for a vehicle. This has been going on for years. Long before banks began lending far more than people can afford for a house.
by Anonymous on August 2nd, 2009
Yes, unless they do what I would do.
Hold up more liquor stores.
+6
When is primary election day?
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You're reading Does anyone agree that this new 4,500 cash for clunkers is going to backfire? People who held onto thier cars that DIDNT have a payment now do. Do you think that thier will be massive repos?
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Comments
well said.
by Pizza Man on August 4th, 2009
Thank you Pizza Man. Speaking of pizza...where's my phone?
by tominhouston on August 4th, 2009
and...whats going to happen when all those NEW cars have reached thier limit....where is all THAT nuke waste going to go????
by steele56 on August 5th, 2009
Exactly. Once government gets its foot in the door there is no stopping it.
by tominhouston on August 5th, 2009