Austin Babies

Tempted to use the ?Cash for Clunkers? program...

My '99 Ford Explorer is paid off as of yesterday. We planned on getting a new car in the fall so we can have LATCH for both carseats. We're going to figure out the last of our 2008 taxes today so that will be a factor. $4,500 is a lot of money - but then again, I wasn't planning on buying new. I'm more of a Carmax kind of girl.

Thoughts Nesties? Assuming we don't owe the IRS more than what I have saved to pay them...

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Re: Tempted to use the ?Cash for Clunkers? program...

  • Did the program get another chunk of money? I thought that perhaps the funds had run out.
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  • Also, you will have to possibly get a smaller vehicle to qualify since you must get better mileage. The better mileage does not have to be all that better (at least 4 mpg better) but that may put you in a car where two carseats do not fit well in the back.

    I really don't think a 10 year old car is all that old and would not buy a new one unless the car was having problems. So says the woman driving a car with over 150K and whose DH drives a car with over 200K.

    However, the lack of LATCH for more than one seat does change the situation a bit.

    I understand wanting LATCH for both car seats, though. We would probably buy a new car if we successfully reproduce since our cars are so small that a rear-facing safety seat does not fit well in the backseat.

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  • i saw on the news that they ran out of money and ended the program within the first week. ford should stop those commercials, unless they're issuing their own money...
  • but this says obama just signed more money over to make the program last through labor day, so.... nevermind. :)

    where's all this money coming from?

  • imageJezcaM:
    i saw on the news that they ran out of money and ended the program within the first week. ford should stop those commercials, unless they're issuing their own money...

    No, there's been additional funds added and some dealerships are still participating. I know DH's dealership is still doing it (Champion Chev) and my dad's stores are as well.

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  • congress approved an additional $2B yesterday to continue the program.  you could still get a new SUV/crossover that would easily get an additional 4 MPG.
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  • I'm not a fan of buying new because of the initial depreciation of a new car, but depending on what your car is worth, the numbers may work in your favor.  To me, its really a matter of, can you afford it?  If you can, and the numbers work, then do what you want.
  • imageJezcaM:
    where's all this money coming from?

    your future taxes

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  • imageebat:

    imageJezcaM:
    where's all this money coming from?

    your future taxes

    I see it like this, I'm about to go pay the IRS about 3k today. If I use the Clunkers program, I'm just getting it back !

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  • I would check on the cars you're interested in b/c lots of dealers are offering extra incentives on top of the clunkers money.  So - if you could a portion of the $4500 and then incentives from the dealer too, chances are you can get a new car for the price of a used.  That's worth it to me.  It all comes down to the bottom line.
  • imageebat:

    imageJezcaM:
    where's all this money coming from?

    your future taxes

    Yup, it's being added to the national debt.

    Also, just random info, the Ford Explorer's have been the #1 traded in vehicle.

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  • imageTaytee:

    My '99 Ford Explorer is paid off as of yesterday. We planned on getting a new car in the fall so we can have LATCH for both carseats. We're going to figure out the last of our 2008 taxes today so that will be a factor. $4,500 is a lot of money - but then again, I wasn't planning on buying new. I'm more of a Carmax kind of girl.

    Thoughts Nesties? Assuming we don't owe the IRS more than what I have saved to pay them...

    I'm pretty sure you can't use the rebate against a used vehicle.  You have to buy new. 

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  • a report on NPR said to negotiate before you mention cash for clunkers to get the best deals.
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  • imagefjaril:
    a report on NPR said to negotiate before you mention cash for clunkers to get the best deals.

    Absofreakinglutely. I've read all the stuff on Edmonds.com. I wouldn't let them "4 square" me in! 

    As to the Carmax comment - I know it's not good for used cars. What I mean is, I perfer to buy from Carmax overall because of "no negotiating" and because of the Used car advantages for depreciation etc. So it would be between the lower cost of used vs an overall cost savings for new in terms of what you're left with after 5 years of payments. If it's approx the same cost, then new is better overall - if you can negotiate it right of course. If you come in and say "Hey, I got a clunker!" you may walk out paying the exact price as someone without - just like playing the "how much can you spend every month" game.

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