Cash for Clunkers Program Explained July 20, 2009
Posted by BDO in Descriptions.Tags: auto, beating, cash, clunkers, congress, consumers, Debt, government, industry, loan, realtor, rebate, system, union
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In the early part of 2009, the Realtor Industry was able to convince Congress to pass the stimulus bill that contained a $8,000 new homeowner incentive. This was done in response to the housing crisis. The intent of this law was to entice new homeowners to seek out a Realtor and buy a house. As you’ve seen around your city, many Realtors are using that law to market their “great deal” to convince people to take on more debt.
Likewise, the Auto Industry saw what the Realtor industry was able to accomplish through Congress, and since bailouts are not an option any longer, they lobbied Congress to do something similar to the “ailing” auto industry. So, Congress passed the Cash for Clunkers program that will take money off a purchase of brand new vehicle. The intent of this program is to entice customers to seek out a new car dealership and to buy a new car. As you’ve seen around your city, many auto dealers are using this new law to market their “great deal” to convince people to take on more debt.
No matter how they package or what reputable source is marketing to you, stay away from debt. If you NEED a house, then look for a house. If you NEED a car, then look for a car. But don’t get convinced by this new marketing that you must now go out to buy a house or car, because “this deal won’t last long”. Do not give up your freedom for the good of the economy.
Remember, during the “greatest economic downturn, since the Great Depression“, many people are trying to use our frustration, hesitation, and fear to manipulate us to MAKE MONEY and wield power. Be on your guard and stick with your current plan to beat debt to make a successful financial marathon.
For a more accurate look at the cash for clunkers program, click here.
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A Kid's Guide to Managing Money (Ready-Set-Grow Series)
It’s already not very hot. Reports of scams online and at dealerships as the plan nears. Read: http://tinyurl.com/nlv3ed
Many vehicles will not qualify for a voucher either because they get more than 18 mpg or because they don’t run. For those people, a good alternative is car donation. The donor will get a tax deduction and the charity will get some much needed money through the sale of the donated car.