"Cash For Clunkers"? No Thanks!
Seems like everyone I know is trying to get federal stimulus from the
'Cash For Clunkers' program.
Ok, I agree that it may be a bargain and considering the manufacturer discounts you could probably get a brand new vehicle for 20% less.
But you have to ask yourself "Is it really worth it"?
Are you going to save money or just get into more debt?
If you were thinking of buying a new car anyway, than this programcan only be a good thing for you. Otherwise I just don't see a point.
I guess I'm not a big fan of new cars. What is important to me is to get from point A to point B as quickly but safely as possible. My car is 7 years old but it is paid for and my auto insurance is not expensive at all.
If I get a new car it will just mean another monthly payment and expensive auto insurance. Yes, it will quite probably be a fuel-efficient car, but it will still require collision and comprehensive coverage. I don't really want to pay more for my
Florida No Fault Auto Insurance.
Considering that a new vehicle loses a up to 30% of its value in the first 3 years, it just doesn't appear to be a good investment at all.
Sure, this this program may help the economy a bit, but it will cause problems as well. Look at what happened in Germany, a lot of old cars were sold again rather than being scrapped.
In my opinion cash for new computers would have been better