Posted on 08/27/2009 8:49:27 AM PDT by wrrock
Survey: ‘Clunkers’ Buyer’s Remose Nearly Three Times Than Normal Car Buying. Survey participants were nearly unanimous in their reason... They now have between a $275 and $350 new car payment to make each month...
(Excerpt) Read more at cardealerreviews.org ...
Just stop paying the mortgage.
Help is on the way.
Problem solved....Next!
I bet the percentage goes up over time.
NFS! What did they expect? What did they think they were signing at the dealership?
These morons should not be allowed to vote. They're beyond stupid.
And the federal “cash” is taxable.
Clunkers’ Buyer’s Remorse?
What the hell did everyone expect?....Once we started down Remorse Road with Obango?....Remorse, Remorse, Remorse....get ready for lots ‘o remorse.....
</sarc>
They now have a car payment versus no car payment, PLUS increased auto insurance cost.
“And the federal “cash” is taxable.”
Bet most buyers didn’t take that into consideration.
Will CARS jumpstart Detroit?
Not likely: While the popular program was never intended to rebuild the US auto industry, some commentators worry that the tune-up could actually backfire. Just as no one predicted that the program would burn through its initial billion-dollar allotment in a week’s time, everyone is unsure what will happen to auto sales now that the incentives have been phased out. In 1997, the end of a similar program in France led to a severe drop in auto sales—a hit that the fragile US economy could struggle to withstand.
http://www.motherjones.com/mojo/2009/08/cash-clunkers-buyers-remorse
Exactly. They have just frontloaded sales. There is bound to be a downturn in auto sales following this debacle, which the US taxpayer will be paying for over many years.
Wait till they get their new car tax bill from the town or city every year. Ouch.
LOL! I didn't know this tidbit.
Ya think! If they didn’t adequately consider payments I’m sure taxability of ‘benefits’ didn’t cross their tiny minds. What the heck is wrong w/ folks in this country??? This is the grist of Dumb and Dumber.
I keep hearing this but I cannot find any reference to it being taxable income. It appears that the sales tax was computed in some states on the whole value of the car versus the net trade-in that some states normally do.
Everything I have read says that the “cash” is specifically excluded from at least Federal Income Tax.
Does anyone have a reference showing this is taxable income?
I’d have buyer’s remorse too, if I had traded in a well-built SUV for a cardboard and spit Chevy Cobalt. I drove a rental Cobalt for a day. It was absolutely the cheapest built new car I have ever seen.
Maybe this will help employment of Repo men.
I wonder if the price of the cars was jacked up $4500? You know, the same trick they pull with college tuition, medical care and other enterprises that suck up “free” money.
Economic Jihad continues.
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