CASH FOR CLUNKERS: ONE OF THE STUPIDEST BILLS OF ALL-TIME

The Freedom Post ^ | June 20, 2009 | TheCapitalist

[TheFreedomPoster]

This bill is so bad that it couldn't stand on it's own merits, but had to be attached to a bill to fund the military which, politically, no one could vote against.

[Raycpa]

After all, people with "clunkers" are probably those more likely to have financial problems already.

I only buy clunkers (cars in good condition with about 100k miles) because they are better deals than a new car. No car payments, low taxes and insurance, no cares at the shopping center. Life is much better with a clunker. I doubt I'd give up my clunker to buy a new car even if the price is reduced by $3.5k.

[Raycpa]

The buyer has to have owned the clunker for the prior 12 months, have it registered with the state, etc. So it won’t do any good to buy someone elses clunker.

Have the owner of the clunker buy the car for you and have him transfer the new car to you before it is registered.

[mad_as_he$$]

Exactly, I have a 1984 F-250 with a 460 engine. I cannot sell it for $1,500 (I have tried) it is now worth $3,500 to me if i want to trade it in. Crazy world in Demland.

[Darnright]

>Here in Germany the government offers 2,500 Euro (appx $3,500) if you buy a new car and scrap one that is at least nine years old.<

My daughter just bought a nine year old car. It’s very nice still. It’s a 4 cylinder that gets 24-27 mpg; the top of the line model for its brand with a sunroof, better suspension, side airbags and leather seats. It’s what she could afford. When people begin scrapping perfectly good cars instead of selling them to others, we’re going to see young people and low income individuals priced out of the automobile market.

[PSYCHO-FREEP]

“Ebay motors is loaded with clunkers selling for less than $1k”

There are catches in this deal. First, you have to have had it registered and licensed in your name for at least a year, it has to have a clear title, no more than 25 years old and several others that make it somewhat difficult for scams.

But the biggest problem will be, getting financing, unless Obama forces the Banks to give “Sub-Prime” loans to the tune of 20-30 grand with no money down. (Now where did we see this before?) And wait till gas prices soon hit $4.00 again and those payments quit coming.......

[lowbuck]

Hi Darnright,

You make a good point and that was a concern here. But, there are lots of folks with cars over nine years old that people are not going to scrap.

In our case we had an old VW that needed to be scrapped anyway and we just lucked out that we are eligible for the rebate if we find a new car to replace it. Meanwhile our second car, a trusty BMW, is 10 years old and running like a top!

[doosee]

Have the owner of the clunker buy the car for you and have him transfer the new car to you before it is registered.
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In actuality, there really arent many people who would trust a colleague to do a deal like that. What if the ultimate buyer backs out, cant get a loan etc? Things happen on the way to the bank. Unless you can do that with your own son or dad, beware. Also, the second guy buying the car gets a “used” car loan, much higher.