As we have stated in our resource material, buying a used car is most often a better value than buying new. Will our opinion change with this program? Let’s assess the value of the Cash for Clunkers program offered by the federal government where taxpayers subsidize the purchase of a vehicle.
The maximum value offered is a $4,500 voucher, which requires mileage improvement of 10 miles per gallon for passenger vehicles, 5 miles per gallon for light-duty trucks, and 2 miles per gallon for large light-duty trucks. There is also a $3,500 voucher if the mileage improvement is 4 miles per gallon for passenger vehicles, 2 miles per gallon for light duty trucks, 1 mile per gallon for large light duty trucks and any pre-2002 commercial truck. (more…)
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