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Obama signs Cash-for-Clunkers bill into law, countdown to start begins
President Obama has taken pen to paper and signed off on Cash-for-Clunkers, a law that could help the auto industry shake its year-long funk. The Transportation Department now has 30 days to determine the rules and regulations for Cash-for-Clunkers, placing the start of the program at the end of July.
The law as it was signed will give the power to decide which vehicles will be eligible for the program to the dealers. The dealers will also be in charge of scrapping the older vehicles, which must be less than 25 years old to be eligible for federal funds. Clunker-eligible cars must be also owned for at least one year to qualify for the program. Those eligible for Cash-for-Clunkers will receive up to $4,500 towards the purchase of a new, more fuel efficient vehicle. To get the full $4,500, those new cars must be at least 10 mpg more fuel efficient than the older model they replace, and trucks must be 5 mpg more efficient. Among the details of the law still being worked out is a plan to ensure that dealers are, in fact, scrapping the vehicles and not reselling them.
[Source: Automotive News, sub. req'd | Photo by MANDEL NGAN/AFP/Getty]
Reader Comments (Page 1 of 4)
Gardiner Westbound 11:33AM (6/25/2009)
The boondoggle alert is sounding!
Reply
Rob 11:46AM (6/25/2009)
God dammit. YAY FOR REWARDING PEOPLE WHO MADE POOR CHOICES! AND YAY FOR GIVING PEOPLE DEALS ON NEW CARS WHO CAN"T AFFORD THEM!
geo.stewart 11:57AM (6/25/2009)
let the scams begin http://articles.moneycentral.msn.com/SavingandDebt/SaveonaCar/cash-for-clunkers-the-rules.aspx
Nightcrawler 1:19PM (6/25/2009)
"YAY FOR REWARDING PEOPLE WHO MADE POOR CHOICES!"
Yes, sheer stupidity on my part for taking a old car from a deceased distant relative for free. What was I thinking?
"AND YAY FOR GIVING PEOPLE DEALS ON NEW CARS WHO CAN"T AFFORD THEM!"
And what makes you think I can't afford a new car? I plan on playing cash, thank you very much.
Smegley 1:35PM (6/25/2009)
Cash for clunkers = More Debt For Everyone With NO Result.
Obama is an idiot.
Mayoman 11:35AM (6/25/2009)
I didn't know 'Bama was a lefty.
Reply
Luis 11:38AM (6/25/2009)
Yeah, lots of Presidents are. I think Willy was too.
I found this:
Since Nixon...
Richard M Nixon - Right Handed
Gerald Ford - Left Handed
Jimmy Carter - Left Handed
Ronald Reagan - Left Handed
George HW Bush - Left Handed
William J Clinton - Left Handed
George W Bush - Right Handed
Barack H Obama - Left Handed
Figures the two Constitutionally-challenged presidents were righties.
dukeisduke 11:43AM (6/25/2009)
Luis, that must have been a chain email. If you've ever seen W sign anything, you'd know he's left-handed, not right-handed.
Cougs 11:48AM (6/25/2009)
@ Luis:
Now you know all of them were Constitutionaly challenged...the last president who wasn't was John Quincy Adams. After that Jackson took over and the imperial presidency began.
Luis 11:47AM (6/25/2009)
I found some sources before posting...
If I'm wrong they're wrong...
http://wiki.answers.com/Q/Is_george_w_bush_left_handed
http://debatebothsides.com/showthread.php?t=73819
http://current.com/items/89742166_left-handed-you-re-on-the-right-track.htm
Redeemed 11:58AM (6/25/2009)
"I didn't know 'Bama was a lefty."
Far lefty to be exact.
jimmy glick 12:21PM (6/25/2009)
Louis--
Not sure about your sources but...
Jimmy Carter - Right Handed
http://www.noquarterusa.net/blog/wp-content/uploads/2009/03/signing_carter.jpg
Ronald Reagan - Some say he may have been born a lefty but was probably ambidextrous. He did write with his right hand, though.
http://z.about.com/d/history1900s/1/0/q/1/reagan26.jpg
chineyz954 1:30PM (6/25/2009)
Score for lefties! Sweet
audi_arena 11:37AM (6/25/2009)
can someone PLEASE explain to me how this thing is supposed to work?!
Christ- this is going to make me a butt-load of money
Reply
BigWill 11:38AM (6/25/2009)
No. Because the people administering the program don't know how it's going to work either.
Luis 11:39AM (6/25/2009)
It's not going to work. People who drive qualifying clunkers can't afford new cars and the credit markets are still frozen.
Jared 11:43AM (6/25/2009)
Simple. It isn't going to work. Not at all. If your car or truck is worth more than cash-for-clunkers amount (max of $4,500), the program doesn't make any sense. You can't trade in the vehicle, it must be crushed.
So the only people who could use it are those driving true clunkers. And people who drive true clunkers either can't afford or don't want to pay for a new car.
audi_arena 11:47AM (6/25/2009)
No, I get customers trading in all sorts of garbage on brand new Audi's all the time- young proffessionals who are still driving thier college cars, or just getting rid of the POS they were driving to save money.
An extra $3500 or $4500 will be HUGE on top of all the other incentives currently in place.
tikirob 12:03PM (6/25/2009)
So...hmmm. My truck qualifies and I can afford a new car. The questions is...my trucks trade in value is about $4500. It has lots of useful life and is a good truck (thus I am keeping it). It still has a retail value of about $8000 (via edmunds). So does this bill increase the trade in value of the truck to $5000 or more? The dealer would make more money in the long run.
Jared 12:49PM (6/25/2009)
tikirob: You don't get the trade in value AND the cash-for-clunkers-cash. It is basically one or the other. http://www.cashforclunkersfacts.com/bill-faq