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My parents just took advantage of this today. They were in the market anyway, so it was just a perk for them to get a $4500 trade in on a car worth nothing but scrap.
Basically my feelings mirror Bear Cub's. I'm sure that auto dealers and manufacturers (and their lobbies) are loving it, but I don't really see how this is going to help the environment or the economy.
I'll be blunt: NOTHING that encourages the use of more credit is going to help us get out of current economic situation. People getting loans that were beyond their means and banks unscrupulously getting people to sign up for them is what got us here in the first place (or at least what caused the immediate crash). We need to be creating new jobs. We need to get people spending responsibly. Encouraging expensive, credit-based purchases props up a suffering industry and has a great PR environmental benefit and, as far as I can tell, not much else.
I wonder seriously, though, if they have any plans for dealing with all of these clunkers that are leaving the streets in a frenzy?
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