More "Cash for Clunkers"

I read a newspaper article this week-end.
They stated that much of the program users replaced older pickup trucks with newer pickup trucks.
Trade-in...14mpg, New truck 17 mpg.
That doesn't seem like it'd do much to help national gas consumption.
I thought your new vehicle had to get significantly better gas mileage in order to qualify for the "Cash for Clunkers" $$$ ???
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Congratulations, those adult education classes are paying a dividend..

The intent was two fold; decreasing gas guzzlers and stimulating the economy with new vehicle sales.

You quite clearly thought wrong.
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The clunker, to quality, had to be less than 25 years old, rated at less than 18 mpg to qualify. Then if you improved your mileage with the new car by 4 mpg you got a $3500 voucher, by 10 mpg you got a $4500 voucher.
It was a dumb plan to put some money into the economy, boost the auto sales.
It was, I believe, handled fraudulently by many.
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<RJ> wrote:

Nope, Trucks fell under different rules than cars did. However you couldn't trade a truck for a smaller car. Only for a similar vehicle.
Passenger Cars: The old vehicle must get 18 mpg or less. New passenger cars with mileage of at least 22 mpg are eligible for vouchers. If the mileage of the new car is at least 4 mpg higher than the old vehicle, the voucher will be worth $3,500. If the mileage of the new car is at least 10 mpg higher than the old vehicle, the voucher will be worth $4,500.
Light-Duty Trucks: The old vehicle must get 18 mpg or less. New light trucks or SUVs with mileage of at least 18 mpg are eligible for vouchers. If the mileage of the new truck or SUV is at least 2 mpg higher than the old truck, the voucher will be worth $3,500. If the mileage of the new truck or SUV is at least 5 mpg higher than the old truck, the voucher will be worth $4,500.
Large Light-Duty Trucks: New large trucks (pick-up trucks and vans weighing between 6,000 and 8,500 pounds) with mileage of at least 15 mpg are eligible for vouchers. If the mileage of the new truck is at least 1 mpg higher than the old truck, the voucher will be worth $3,500. If the mileage of the new truck is at least 2 mpg higher than the old truck, the voucher will be worth $4,500.
Work Trucks: Under the agreement, consumers can trade in a pre-2002 work truck (defined as a pick-up truck or cargo van weighing from 8,500-10,000 pounds) and receive a voucher worth $3,500 for a new work truck in the same or smaller weight class. There will be a finite number of these vouchers, based on this vehicle class’s market share. There are no EPA mileage measures for these trucks; however, because newer models are cleaner than older models, the age requirement ensures that the trade will improve environmental quality. Consumers can also “trade down,” receiving a $3,500 voucher for trading in an older work truck and purchasing a smaller light-duty truck weighing from 6,000 – 8,500 pounds.
Plus the Clunkers bill had NOTHING to do with helping lower fuel consumption. If you worked out the numbers the cost of the program and the mileage of the new vehicles the U.S. lost BIG money under the program.
--
Steve W.

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Steve W. wrote:

I'm wondering how they handled those mpg ratings.. Did you have to keep records to prove that your new car averages at least 22mpg, or did they just go by what the window sticker said?
Eric
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Eric O. wrote:

They went by the original EPA rating when the vehicle was new. So if your 1990 Ford Escort was rated at say 15 city 22 highway your average would be 18.5, OOPS you're not eligible. But if your 2005 Ferrari was rated at 13 city and 18 highway, you're all set...
--
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Did you read that the real cost, to the taxpayers per car, was $22,000 for the clunkers? Is that the "change" for which some of the people voted? ;)

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See you didn't understand the program. It was actually "cash for clunkie dealers."
Ed
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<RJ> wrote:

Bailouts, cash for clunkers are no difference. Obama can't justify where the money is going into GM, so he is touting cash for rclunkers.
Keeping in mind productive people are going to have to pay for the ass hole Obama's debt legacy. US economy sucks as the biggest debtor in the land is loose with the taxpayers credit card.
I smell a US revolution in the works. It is going to get ugly.
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The Euro is 1.49 right now and it's killing us.
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Ed Pawlowski wrote:

Currency is the wrong place to be. Better off if you bought a real currency like gold or oil. Gold and oil are not going up, our currencies are devaluing into inflation.
Euro is stronger as Obama-Democrat debt spend is diluting the USD. Government wants hyper inflation. Think of why interest rates are artificially low.
Now say I am statist goverment, I want to borrow $12 trillion, up so I can keep Obama and dim-wits in debt spend. If I pay 1% interest on $12 trillion is is small. I try to borrow as much as I can.
Now, if I can cause 25% inflation per year, on a valuation bases all that debt devalues at 24% per year.
Problem comes in that the Chinese with $2 trillion cash and more in US government debt, and the trade deficit are pissed off as they are seeing the value of the assets decrease. No mistake about why Obama is going to China. Obama wants to talk China out of liquidation of the USD.
If China dumps USDs for exchange for other currencies or assets in a big way, count on a USD being like a Mexican peso in the 80's. Each week it is worth less. $500 / barrel of oil is likely.
So while Obama blows money on GM, banks and other lost causes, know that Obama-democract debt-ponzi-spend is sending the US economy in the hole. A hole that may take decades to get out of.
Good luck, since 2003 I have decreased my US holdings from 90% to about 11% and I am laughing to the (foreign) bank.
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"Canuck57" said the sky is falling, again."
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True but the value of the Euro is making European produces more expensive around the world an in the US and US product less expensive in Europe and around the world.
Devaluing the dollar, is just one part of the plans of BO and the Congress, to use inflation to lower their ever increasing national debt, that is growing by TRILLIONS of dollars since they gained control of the US economy that they are currently driving into the ground.
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And creates inflation making everything more expensive for everyone.
Government loves depreciation of the currency. Devalues debt and incereases taxes.
Remember that next time you put taxes into the till for a fillup. If you were government, which sounds better, taxes on $80 or taxes on $50?
It woul dhave been cheaper and better if GM went bankrupt for real. Which it will anyway. People are getting tired of the GM dog.
Mike Hunter wrote:

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Once again Canuck57 has told us the sky is falling.
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Well, yes and no.. The Euro has not gone up in value so much as the dollar has hit the dumper.
That means that the USA is a bargain for European tourists, that American products are great buys right now for people outside the USA. But it also means that oil will reflect a higher price as foreign producers dont care to accept pay in a weak currency.
Everyone of you who voted for Obama, I hope you wake up in a cold sweat at night when you wonder if you will have a job next week. You may not.
Your bank accounts, your investments, your very future financially is in the hands of a socialist mindset of people who want to redistribute your wealth.
And the fun is just beginning. Be afraid...Be VERY afraid.
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Since there are no US manufacturers of the machines our industry uses, we buy Austrian made. Parts are very expensive.
Not to mention what it is doing too the price of good pecorino cheese and salami.
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hls wrote:

Bingo. You are right on.

The double whammy of inflation due to currency mismanagement. Yep.

Doubtful. Liberal leftists and marxists have short memories. People are buying gold to bypass this, the middle class and lower class will get the brunt.

Certianly anything cash/tbill/bond/preferred shares/interest bearing/government debt will depreciate.
Gold, oil, diamonds, copper, silver, coal - will at least hold it's own. Real estate is good only if you can hold on through the wave of hyperinflation and high interest rates. If it takes debt to do it, avoid it like AIDS.
A 15 to 25% interest rate is coming to the debtors.
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Once again Canuck57 has told us the sky is falling.
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"Canuck57" said the sky is falling, again."

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