Many of you have probably heard of Cash for Clunkers, the federal program where the government will give you a $4500 rebate towards a new fuel efficient vehicle when you get rid of your clunker. The program has been a wild success and has been a valuable part of the stimulus package. However, have you heard of Crash for Clunkers?
Pretty freaking sweet.
Monday, August 17, 2009
Crash for Clunkers
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Cash for clunkers has not been a wild success.
Thus far, dealers who have bought into it haven't seen a whole lot of return. For example, one dealer has dished out the $4,500 dollar rebate for roughly 30 cars, and has received, look out, a whopping 1 reimbursement check from the government. Meaning he is waiting on a mere $130,500 more. As if the taxes to cover the stimulus weren't bad enough.
Now, granted the fact that the plan went through its $1 billion budget in a week, sound great, except that means its gonna suck up a hell of a lot more money while the American people keep footing the bill. Also, the reason those dealers aren't getting paid is the $850 million dollars pending Congressional approval. So yea, glad to see that the $1 billion dollars it was allocated has made it successfully into the economy in the "Emergency Stimulus" style that it was supposed to.
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