Looking For 2 Or 3 Yr Old Car For Sale Cash For Clunkers Pros and Cons

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Cash For Clunkers Pros and Cons

I researched the internet and put together a list of pros and cons about the “Cash For Clunkers” program. I have made a list for the individual who is considering buying a car through the program, and also a list for the “Collective Soul”, so that we consider the overall impact on the universe, as described in this article.

So far the pros and cons add up to this: Individual: 4-Pro, 6-Con. Collective soul: 6-Pro, 12-Con.

INDIVIDUAL:

Pros

1. $4,500 + other incentives, you may be able to save a lot of money on a new car purchase if you look for more incentives in addition to the $4,500.

2. Less Gas. You could save a lot of money at the pump.

3. Reduce repair costs.

4. Environment: Your driving will cause less pollution.

Cons

1. Insurance: It usually costs more to insure a new car.

2. New debt – is it wise to take on more debt in your financial situation?

3. Wasted parts: Your old car will be destroyed. Whether or not some of the parts will be recycled is questionable.

4. Added value to your old clunker. The used car market may increase due to the decrease in supply. Your used car may be worth more than the bonus after downloading this Cash for Clunkers program.

5. More gas. You may be inclined to drive more knowing your car gets better gas mileage.

6. Comfort Zone. YOU KNOW your old car. And you know what repairs you have done and what is likely to go wrong.

FOR THE COLLECTIVE SOUL:

Pros

1. Increase sales at car dealerships.

2. Increased sales of new cars to consumers who would not otherwise buy at this time. For middle and high income earners with enough credit to get a car loan, give them a down payment.

3. Old vehicles tend to be less fuel efficient than their modern counterparts, so taking them off the road and replacing them with newer cars would likely decrease the oil consumption of individual owners and the country.

4. Old vehicles typically do not run as cleanly as new ones, so removing and replacing them on our roads would likely decrease vehicle exhaust emissions, lessening the impact on the environment.

5. Old vehicles have not been held to the same safety and crash standards as new cars and tend to be less safe in a crash. Replacing them with newer vehicles could lead to fewer injuries and fatalities in traffic accidents.

6. Automakers are struggling right now, especially domestic automakers. Providing a financial incentive to buy new cars would likely lead to increased car sales, which would generate revenue for car manufacturers and help them weather the economic downturn while stimulating the economy.

Cons

1. Artificial and unsustainable boom in car sales.

2. Crushing those older running vehicles makes those parts and vehicles harder to come by and consequently more expensive.

3. Many companies build parts and upgrades for older vehicles. A reduced supply of older vehicles would negatively affect their sales.

4. The automotive restoration and customization industry relies on vintage cars as the basis for its products. A reduced supply of older vehicles would negatively affect their sales.

5. For people with lower incomes, it makes it harder to find and keep an older vehicle.

6. Convince low-income people, who are driven by “cunkers”, to finance a new car when we are still in the midst of the consequences of easy credit in the housing market.

7. Deduction of vehicle donations to charities. Some charities that rely on vehicle donations for funding say they are getting fewer cars and trucks because donors change their minds and decide to trade in the vehicles in the Cash for Clunkers program.

8. Some older vehicles actually get better gas mileage than some newer ones. Replacing them then would negate any benefit to the environment or the US oil consumption problem.

9. Encouraging consumers to scrap work vehicles could shorten the life of cars and encourage the production of new cars, which would have a greater negative impact on the environment than keeping the older car.

10. This proposal would not necessarily benefit automakers that are in worse economic shape, as there is no guarantee that consumers will use their incentive to buy a vehicle from one of those manufacturers rather than another company.

11. The program is not restricted to AMERICANS and is not restricted to AMERICAN made vehicles, but it comes from AMERICAN taxpayer money.

12. It’s costing over $4,500 per trade-in. It is costing approximately $6,000 per vehicle, if you factor in the additional cost of government staff, office rent, equipment, employees, web development, form printing, etc.

http://en.wikipedia.org/wiki/Car_Allowance_Rebate_System

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