Posted on 12/16/2008 7:29:20 AM PST by newgeezer
DES MOINES, Iowa -- Sen. Tom Harkin is proposing new legislation that he said would increase the demand for American cars.
Along with Sen. Dick Durbin, of Illinois, Harkin introduced a bill earlier this week that in turn would take older, less-fuel-efficient cars off the road, while also giving buyers a big bonus.
The Sell Fuel Efficient Cars Act would provide a rebate of $10,000 to buyers who trade in a car more than 10 years old for a new American car.
Officials said the reason for the act is to help create demand for American cars and preserve jobs in the weak economy.
The rebate would be limited to families with an adjusted gross income below $40,000 a year or individuals making less than $25,000.
To get the rebate, you would be required to turn in a car more than 10 years old that is still drivable.
The rebate would only apply to purchases of fuel-efficient GM, Ford or Chrysler vehicles that are assembled in the United States. The car would have to have an average fuel economy of 25 miles per gallon.
Officials said close to 15 percent of automobiles that are manufactured by the Big Three automakers would qualify for the rebate.
There would be a one-car limit per family or individual and the program would end in 2009.
[The source article includes a video news clip.]
I have an old jaguar in the garage that I’d sell for 5K if I can get it in cash. that ought to meet the criteria...;-)
the stupidity of Washington seldom fails to amaze me.
Bankruptcy is a SOLUTION.
Solutions fix problems.
The Big Three, now reduced to “Detroit Three”, have a problem that demands this solution.
Demorcrates do not want solutions, they want problems. Problems are issues that keep them in power.
Solutions hurt their power.
Bankruptcy is a SOLUTION for america’s automakers.
Solutions are a problem for democrats.
Now we have to contend with the bogus study that people would not buy a car from a car maker in chaper 11.
You know this would happen. These idiots can't see beyond their noses.
Just like the gun buyback programs.
You buy a Saturday night special (or two) for $75 and get $250 from some city like Chicago for it. Get your buddies to help you, and before you know it, you’ve got the price of a new Sig or Taurus.
Could that be why GM's management and the UAW are in bed together....?
I have a 1996 Mercury Marquis with 57,000 original miles on it. I scooped from my Dad before he made the mistake of trading it in. I intend to get another 50K miles off of it without having to make car payments.
People in this income category should not be buying new cars!
Exactly!
ANY car with four wheels will be a cause for inflationary pressure.
A ten year old car that is not worth $300 will suddenly have 9,700 appreciation.
congress does not need “economics for dummies”, Congress needs an book called “economics for the mentally deficient”
So, if I go out and buy an old $500 Lincoln Continental (14 mpg) and use that as trade in I get $10k toward my new SUV, right? Works for me.
For me I could care less what the fuel mileage is so long as the cars I own go 250-500k miles without a major repair. None of the 'big three' can guarantee that their vehicles will go more than 75k without a major repair and/or recall to fix a major problem and then they are lucky to get 100k.
Any vehicle made by the UAW is a piece of crap and being that I am a master mechanic I can safely make that claim based upon 30+ years experience.
I personally own Toyotas. When my customers are in the market for a new car and they ask me what they should buy I always tell them to purchase either a Honda or a Toyota.
Fortunately for my family and me most people do not take advice from their grease monkey so I have no problems staying busy. ;-)
Are you kidding? Who would sell you a running car for $400.00?
Personally, I wish he would do us all a big favor and step off his airplane before it lands.
(s)all we have to do is increase the minimum wage to $500 per hour. All corporations can afford that because all corporations are rich from looting the working class. (corporations do not have workers in owenership or managment) (/s)
Any disreputable used car dealer.....Running, but not for long....;^)
Why work when the cars are free, at least until the money runs out.
Just take over the car companies now so I can have my socialism without the base alloy of busybodiness.
We must speed up the search for villages missing their idiots, and negotiate harder.
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