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Here's the deal - You take your old clunker car, any 2001 or older that gets 18mpg or less, drive to your nearest Chevy/Chrysler/GM dealer. They give you a voucher worth $5,000. (courtesy of Uncle Sam...which techinically is your money, cuz you helped bailout the auto industry), Anyway, with your $5,000 voucher, they take your 'clunker', and you get to buy a brand new fuel efficient, GM product! OH, AND, it will lower greenhouse gas emissions!
Now that's Change You Can Believe In!
Diane Feinstein (D-Ca) and Betty Boop (D-?) are sponsoring this bill and it is expected to be passed by Congress by August. Their goal is twofold. First, it would help jumpstart the economy. People would buy cars, GM might be saved. Second, the whole carbon footprint/greenhouse gas thing.
Problem is: With 6,000,000 people out of work, people losing their homes to foreclosure and banks NOT lending, I would think buying a brand new car is probably at the bottom of most people's 'to do' list.
Second to that, would you buy from GM? A company that is more than likely going to file bankruptcy and today I heard they will be asking for additional Government aid....but I suppose if the warranty is backed by Obama The One himself, than you can put your mind at ease and feel perfectly comfortable signing the loan documents.
Thirdly, Why not just maintain and drive your 'clunker' (2001, is not exactly old by the way). It most likely is already paid for. Why incur more debt? Isn't that what got us in this mess to begin with?
Fourth, The whole greenhouse gas/carbon footprint is garbage to a point.
And Last, but certainly not least is the scariest. Be very careful. Today it may be an option to trade in your clunker, but once such a bill is passed and the power given, how easy would it be to change or amend it just a tiny bit from 'optional' to 'mandatory'? Think about it. This administration is moving so quickly on so many different issues all at one time, I feel like a ping pong ball.