Posted on 09/08/2009 7:45:18 AM PDT by 2banana
WASHINGTON — The Cash for Clunkers buzz is starting to wear off and it seems that some buyers are having serious second thoughts about getting on that government-funded bandwagon, according to a new survey. In the meantime, the U.S. Department of Transportation said that dealers by Tuesday's deadline had submitted a final total of 690,114 Cash for Clunkers deals for $2.88 billion in rebates.
The total is just under the revised $3-billion budget for the four-week program.
The new survey by CNW Purchase Path, of Bandon, Oregon, finds that of nearly 1,000 Cash for Clunkers participants, 17 percent say they have some or serious doubts that they should have made the new-vehicle acquisition.
"Primary reason: They are now facing a $275-$350-per-month car payment that didn't exist prior to acquiring the car or truck," said the report. "That amount, they say, could negatively impact the total family budget more than expected prior to buying the new vehicle."
In contrast, buyers' remorse hits about 6-8 percent of new-vehicle buyers within a month, said CNW Purchase Path.
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PS - I am doing great with my 10 year old, fully paid off, well maintained and dependable clunker!
This will probably stimulate the auto repossession business, which the administration will somehow spin as a positive.
Talk about not thinking something all the way through.
And the dumb masses just get dumber.
But....but....but I thought 0bama would make my payments for me. Along with my mortgage payment. And keep my gas tank full.
Suckers.
You’re a poor sport.
Just because your taxes are already supporting a 50 yr old UAW retiree for $3200/month pension and silver plated health benefits doesn’t mean you shouldn’t buy a car to keep Govt Motors and FiatUSA going strong.
DOH!
Ditto. Mine just turned 17 on July 4. I was independent of a car payment a long time ago and loving it!
Me, too. My 1999 Malibu is in the shop getting a new head gasket (220K on an original gasket!).
Easy call for me. $1700 for repairs or $400/mo over 5 years for new.
And now who will be buying cars over the next few months..... *crickets chirping*
Stealing money from me to pay someone else, is certainly going to make more enemies than friends.
This is not a politically intelligent move by tg Zer0.
Maybe the new car buyers are expecting the federal government to step in and demand the loan companies to renegotiate their loan, to a lower payment? Or maybe they thought the feds would just pay for their car afterwards?
“The life of a Repo Man is always intense.”
I just bought a truck for about $7,500 under MSRP, with no trade in. I’m assuming with CFC you bring in your clunker, and they take $4,500 off the MSRP? Or, you pay full price for the car, but get the $4,500 in a rebate? It never seemed like a good deal to me.
I'm still OK with my 16 year old vehicle that wouldn't qualify as a clunker.
We have a 2007 PT Cruiser bought used (it was a rental). I drive it to work - paid off and a good little car. We have a 2000 Dodge Dakota my DH drives to work (and takes the kids to school). Paid for. We have a 1999 Suburban we bought off Craigs List to pull the RV. We paid cash and it wasn’t even a clunker - it was a corporate vehicle with excellent service records. Our RV we purchased used - with cash. Not only do we have no monthly car payments, we didn’t get hit with that taxable income clause of the “cash for clunkers” deal. Everything Zero’s touches turn to crap. Elections have consequences.
I don’t know, I’m pretty happy with my new Ford Focus.
Paid cash and got back all of last years federal taxes. Pretty good deal all around.
The most recent figure I've seen was from 11/04/08, and at that time, about 53% were.
Bail-out for the poor Cash For Clunker suckers who can't pay the bill now.
"Free" vehicles for all! Wait for it.
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