Cash for clunkers will get many people even more indebted

Discussion in 'Economics' started by crgarcia, Aug 3, 2009.

  1. Top Cash for Clunkers Trade-Ins and New Cars

    The Top Ten Cash for Clunkers Trade-Ins:
    1. 1998 Ford Explorer
    2. 1997 Ford Explorer
    3. 1996 Ford Explorer
    4. 1999 Ford Explorer
    5. Jeep Grand Cherokee
    6. Jeep Cherokee
    7. 1995 Ford Explorer
    8. 1994 Ford Explorer
    9. 1997 Ford Windstar
    10. 1999 Dodge Caravan

    The Top Ten Cash for Clunkers New Cars:
    1. Ford Focus
    2. Honda Civic
    3. Toyota Corolla
    4. Toyota Prius
    5. Ford Escape
    6. Toyota Camry
    7. Dodge Caliber
    8. Hyundai Elantra
    9. Honda Fit
    10. Chevy Cobalt

    Ford dominates one list while the Japanese the other.
     
    #21     Aug 4, 2009

  2. How about NOT buying new on credit but a used 4 to 5 year old for 1/4 of the price using cash? and how about having ZERO balance at the end of each and every month on the 2 to 3 (max 4) cards you have?

    YEA, it takes work to keep a consistent credit score of 820+. :D
     
    #22     Aug 4, 2009
  3. LOL, the people trading these in are lucky they haven't caught on fire yet. They aren't nicknamed Ford Exploders for nothing.
     
    #23     Aug 4, 2009
  4. I buy new to 1 year old cars because I keep them for 10 years. I get a car and 5 years later my wife gets a car. So we get a car every 5 years but keep each one for 10. Buying a 5yr old car puts it at 15 before we get rid of it. Plus as I said paying cash never shows an account as "paid in full" status.

    As far as CC's go I have 3 cards. One is a rewards card that puts cash back directly toward my mortgage. I use this card exclusively to pay my electric bill and Security system bill. It carries over zero balance from month to month. The second card is is also a cash back rewards card we use for groceries and discretionary spending and it too carries a zero balance over. The third I do keep a small balance on just to hold the account open and show a constantly revolving line of credit. With the low balance I keep I pay between $10 and $20 /month in interest. I don't consider this a lot and I could pay off the card at anytime.

    What I said in the previous post was that if someone HAD to make a big CC purchase they could not pay off quickly, that having multiple CC's to show a higher available line of credit would be better than having only the one maxed out card.
     
    #24     Aug 4, 2009
  5. compare foreign and domestic:
    volvo
    <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/waj2KrKYTZo&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/waj2KrKYTZo&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>
    Jeep 4.0L
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    <object width="560" height="340"><param name="movie" value="http://www.youtube.com/v/eOEqJIGnXRw&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/eOEqJIGnXRw&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="560" height="340"></embed></object>

    they took out engine oil before doing this, classic example domestic car are better for government sponsored program, faster to die. :D
     
    #25     Aug 4, 2009
  6. aegis

    aegis

    But as previously mentioned in this thread, domestic cars = more foreign parts. I guess shitty foreign parts don't last very long.
     
    #26     Aug 4, 2009
  7. agreed. i have never had a loan on a vehicle. the last one i bought was in 2006 and it cost >80k.

    all my friends who tell me constantly how stupid i am for not leasing or financing shockingly have a much lower net worth than me. maybe there is something there.
     
    #27     Aug 4, 2009

  8. Wait a second, they needed 3 guys to do this. Hire one illegal pay him 50$ and he could disable 100 cars a day. Only in America
     
    #28     Aug 4, 2009
  9. and I thought the US represents the people with a free will and free choice. As far as I can remember nobody forced you nor anyone else to load up on credit card debt and consume as if there is no tomorrow. This pain is 100% self inflicted. Its hypocritical to now point fingers while one of the American manifestations is to assume responsibility for ones own actions instead of blaming others.

    The only other conclusion I can draw is that the average IQ in fact is a lot lower in the US than in other industrialized nations. Or is it a simple "greed component" that blurs peoples' minds and urges them to spend in order to keep up with the neighbor?

     
    #29     Aug 4, 2009
  10. still not done with your blame game? Why dont you question your own intelligence because you should probably reflect why you or your friends could not resist all those sweet temptations...


     
    #30     Aug 4, 2009