Anybody Take Advantage of the Cash For Clunkers Rebate?

Yep.

Worked good, got some of my hard earned tax money back in my pocket. Now the rest of it went to folks who didn't pay taxes.

If your car is say worth 10k blue book value and gets 14 mpg combined, do you get the 10k in the trade plus the 3500-4500 rebate or do you just get the 3500-4500 total for your trade?

Yes...you will get the 10k plus the government rebate.

I saw a pretty good slogan the other day. Something to the effect of "Washington: stop spending, you're out of OUR money."

But, if I were going ot buy a new car I would be all for getting some of my money back.

would it work if you found a car for $200-300 on craigslist and traded it in? You'd still get the $4500?

lennynemoy wrote:

would it work if you found a car for $200-300 on craigslist and traded it in? You'd still get the $4500?

you need to own the car for 1 year.

Oh, I think you have to own it for a year. Damn.

CARZ wrote:

Yes...you will get the 10k plus the government rebate.

I understood it that you would only get the gov rebate. The dealer cannot resale your vehicle since it has to go to the junkyard. How would they recoup their money if they gave you the 10k?

I think the only way the program is beneficial is if you have a clunker that is NOT worth $3500. Like mine. I'm not sure if I'm going to do it or not though. I would love to have a new car but I really don't want the car payment.

To do the smart thing or not?

lennynemoy wrote:

would it work if you found a car for $200-300 on craigslist and traded it in? You'd still get the $4500?

I believe you have to have owned it for a year.

You get $3500 if your new car gets 5-9 mpg more than your clunker, $4500 if it's 10+. A buddy of mine traded a 1986 pickup worth about $1500 at best for a Mazda 3 and got the $3500. He also got a couple of other rebates and discounts, so he wound up getting a $21,000 car for about $14k total, plus a 2.9% rate. Pretty good deal, if you're into new cars and payments (I prefer to drive the clunker till the doors fall off, and then pay cash for another one).

Lucky he got his deal early--the program went belly-up in the first week. Possibly the most truly stimulative part of the stimulus package, but--surprise--it was more complicated and expensive than they planned. But I'm sure when we give them 1700 times that much for health care, they'll do great with it.

It isn't more expensive than planned, the demand simply outstripped the funds initially set aside. No one expected to sell 200,000+ vehicles in a week.

More funds were allocated yesterday and the program will continue.

Yeah, just bought it last night...Got a $20,155 car for under $11,000, trading in a car i'd be lucky to get 500 for

Agreed, it was a well run program that was wildly successful. It was so successful that funds for the program were depleted. The auto industry has universally declared this a major boost to their bottom line. If you are liberal hating, Sean Hannity loving conservative and you are able to still think for yourself and make judgements, you should still see this as a great thing for the American economy that is producing some profits and hopefully leading to jobs. 1B sounds like a ton of money, but in reality it is an unbelievably small fraction of the budget. I did vote for President Obama, but that does not mean I have to now blindly follow every policy he has. There is plenty I have questioned about government spending by the current administration (and the previous "conservative" administration as well!) but this is one program that has worked.

CARZ wrote:

Yes...you will get the 10k plus the government rebate.

doubt it.

By Obama green mandate the clunkers are to be junked within 2 hours of receipt.

Who's gonna give you 10k for a car and then goes and junks it.

People who are taking advantage are the upper middle class trading in the homemaker-wife's oldie.

The poor and the ghetto dwellers who daily-drive these clunkers are going to continue to drive them as they can't afford to turn them in for a brand new one.

Half Baked wrote:

It isn't more expensive than planned, the demand simply outstripped the funds initially set aside. No one expected to sell 200,000+ vehicles in a week.

More funds were allocated yesterday and the program will continue.

I think it is a good plan. But, you contradict yourself with your statement. It WAS more expensive than planned BECAUSE no one expected to sell 200,000 vehicles in a week. I'm glad they are putting more money into because it does seem to be a plan that is actually doing good for almost everyone involved.

How well do you think a government run medical program will be funded? They tell us one price but who knows how close to accurate they are.

Law of unintended consequences, first count:

All those junkers have to be scrapped. However a lot of those models will remain on the roads in serviceable condition. However, the spare parts market will be destroyed.

The smarter thing to do (aside from not giving away taxpayer money) would have been to allow the cars to be re-sold for scrap and parts. The dealers then would have made even more money. (Who pays for the junking?)

The increase in cost of spare parts will hurt lower wage earners--the very people Obama supposedly seeks to help. Ha.

What I predict will happen is a huge scandal where junk dealers will strip the cars as best they can and they raise the price on the underground market.

TMoney wrote:

...... If you are liberal hating, Sean Hannity loving conservative and you are able to still think for yourself and make judgements, you should still see this as a great thing for the American economy

if you are liberal hating, sean hannity loving conserative it would be impossible to think for yourself. Hannity is no different than any liberal on air america.

gazzelle wrote:

Yeah, just bought it last night...Got a $20,155 car for under $11,000, trading in a car i'd be lucky to get 500 for

It's not a $20,155 car, never was, never will be. It had a piece of paper with that number written on it, that's all. It's a fake number, so that every time a person overpays for the car, they will feel like they "got a deal."

That being said, $11,000 is lower than the fools who paid $19K, or $18K, $17K for the same car. No wonder people have so much contempt for the U.S. car makers, as they so plainly screw their own customers every day in the typical year. With the taxpayers help, they are getting rewarded, whether they deserve it or not. You made out very well too.

Theres an interesting video about it from the news (i caught it yesterday). Seems very weird to me.