sounds like you answered your own question.
(i personally think this program is a stupid idea, but will try to
refrain from getting too far into that.)
for your personal case, as always when considering buying another
car for financial reasons, sit down and figure out how long it would
take for you to recoup the additional operating(/insurance/maintenance,
etc.,..) expenses associated with the new vehicle weighed against the
costs of keeping what you've already got; regardless of the fuel
economy, odds are high that you or the new vehicle aren't going to last
that long!
if you still need convincing, remember that you've already said
there isn't anything out there your excited by, and consider that you
don't get any of the money directly (the dealer does). you don't *lose*
any money by keeping the car you've got, and better yet, you don't
acquire any additional debt or expose yourself to the even larger
depreciation of a more expensive/newer vehicle.
cheers!
e
Donald Snook wrote:
I was thinking about this new cash for clunkers program that starts tomorrow
and was wondering whether it would smart to take advantage of it. I have a
very nice 1993 Cadillac Sedan Deville. As I understand the requirements of the
program
1. Owner must have owned the car for at least one year
2. Must trade it in on a NEW car
3. it must be 1984-2001 model year
4. It must get 18 mpg (combined) as calculated by EPA on their website
fueleconomy.gov
5. To get the full $4500, the new car must get at least 10 mpg better.
My Cadillac qualifies (in a few months - I haven't had it a year). So, the
question I am wrestling with is this: Is it worth it?
I hate buying a brand new car. If it was my car (as opposed to my wife's), I
would not be able to sell it/trade it every 9-12 months. I would lose money
trying to sell a new car that quickly. HOWEVER, my car is certainly not worth
$4500 and not taking advantage of this is like lose a few thousand dollars. On
the other hand, if I bought a new car, those monthly car payments would eat up
the $4500 pretty quick. I don't really see any new car that is all that
exciting at least not in the price range I would interested in. Thoughts?
Donald H. Snook
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