| Wagner |
06-25-2009 09:21 AM |
Cash for Clunkers, another fluff policy
'Cash for Clunkers' won't help most car buyers - Jun. 25, 2009
Hey! It sounded good and green in the press and media coverage!!
Quote:
NEW YORK (CNNMoney.com) -- If you think the new "Cash for Clunkers" law is going to help you buy a new car, you're probably wrong.
As it's written, the law will benefit few car shoppers and those who might actually benefit from it probably shouldn't be buying a new car to begin with.
Here's why it won't do most people much good: The government refund vouchers for $3,500 or $4,500 are in replacement of -- not in addition to -- the ordinary trade-in value of the vehicle, which in many instances will be worth more than the voucher.
"It's not a rebate," pointed out Jeremy Anwyl, chief executive of the auto Web site Edmunds.com. "It's a minimum trade-in allowance."
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