Cash in Clunkers to Save Gas Money

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Cash in Clunkers to Save Gas Money

By Credit Federal | Published 08/6/2009

Dealerships who are promoting the Cash for Clunkers program are selling autos that get about 27 to 33 mpg. Auto dealerships were busy during the kick off week and the program generated more auto sales, but how will it affect the country's financial state. It did help the Ford dealership as they had more sales in one week than in months.

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TIP: Even people buying cars through the Cash for Clunkers Program can still benefit by online auto loan financing to combat dealership tricks.
Apply for a free, online auto loan quote
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It may be that many consumers are interested in having more fuel-efficient vehicles. The top autos selling are compact cars and hybrids. The Ford Focus, Honda Civic, and Toyota Corolla are the compacts sold and the hybrids include the Ford Escape. Most buyers have not used the program to purchase big trucks or SUVs.

One consumer has reported that they were asked to return the car they purchased under the program. The dealership had been unable to get phone calls returned and were unsure about the government giving the $4,500 credit. The buyer could understand the dealership's position but they had been driving the car for a week so far and they wanted to keep the auto.

Today, voting must take place to determine if the Cash for Clunker program will be provided with two billion dollars more. Before the President can sign the extention for the program, the Senate must agree to provide additional money. The news is that it has been a huge success and extending it will be approved. Consumers were quick to take advantage of the program and depleted the one billion dollars in less than a week.

Most Democrats are for the approval and Republicans want some amendments added to change the program about who qualifies for a voucher. If amendments are approved, the bill has to go back to the House. Under the existing program, vehicles purchased after July 1 are eligible for refund vouchers worth $3,500 to $4,500 on traded-in gas guzzlers. The clunker must get a combined city and highway fuel economy rating of 18 miles per gallon or less.

For consumers who own a clunker and qualify, they are trading in an auto that does not have a monthly payment and that has more gas expenses depending on the use of the vehicle. Better gas millage and a monthly note is something a consumer must weigh against their family budget. Comparing the costs of each for a year will help when making that decision.

With all the financial woes, the government could respond by simply printing more money. This could erode the value of the dollar and we would pay higher prices for things. It did stimulate the auto industry but more is needed for the economy to grow. There is much debate over letting the federal government getting involved and the possibility that the Clunkers for Cash may cost more money in the end.

Other CARS Cash for Clunker Cars News:

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Cash in Clunkers to Save Gas Money - by <a href=http://creditfederal.com>CreditFederal.com</a> <div style="text-align: left; font-family: Verdana;">Dealerships who are promoting the Cash for Clunkers program are selling autos that get about 27 to 33 mpg. Auto dealerships were busy during the kick off week and the program generated more auto sales, but how will it affect the country's financial state. It did help the Ford dealership as they had more sales in one week than in months. ====================================== TIP: Even people buying cars through the Cash for Clunkers Program can still benefit by online auto loan financing to combat dealership tricks. <a target='_top' href="http://creditfederal.com/auto-loan.html">Apply for a free, online auto loan quote</a> ====================================== It may be that many consumers are interested in having more fuel-efficient vehicles. The top autos selling are compact cars and hybrids. The Ford Focus, Honda Civic, and Toyota Corolla are the compacts sold and the hybrids include the Ford Escape. Most buyers have not used the program to purchase big trucks or SUVs. One consumer has reported that they were asked to return the car they purchased under the program. The dealership had been unable to get phone calls returned and were unsure about the government giving the $4,500 credit. The buyer could understand the dealership's position but they had been driving the car for a week so far and they wanted to keep the auto. Today, voting must take place to determine if the Cash for Clunker program will be provided with two billion dollars more. Before the President can sign the extention for the program, the Senate must agree to provide additional money. The news is that it has been a huge success and extending it will be approved. Consumers were quick to take advantage of the program and depleted the one billion dollars in less than a week. Most Democrats are for the approval and Republicans want some amendments added to change the program about who qualifies for a voucher. If amendments are approved, the bill has to go back to the House. Under the existing program, vehicles purchased after July 1 are eligible for refund vouchers worth $3,500 to $4,500 on traded-in gas guzzlers. The clunker must get a combined city and highway fuel economy rating of 18 miles per gallon or less. For consumers who own a clunker and qualify, they are trading in an auto that does not have a monthly payment and that has more gas expenses depending on the use of the vehicle. Better gas millage and a monthly note is something a consumer must weigh against their family budget. Comparing the costs of each for a year will help when making that decision. With all the financial woes, the government could respond by simply printing more money. This could erode the value of the dollar and we would pay higher prices for things. It did stimulate the auto industry but more is needed for the economy to grow. There is much debate over letting the federal government getting involved and the possibility that the Clunkers for Cash may cost more money in the end. </div>Other CARS Cash for Clunker Cars News: <ul><li><a target='_top' style="font-family: Verdana; font-weight: bold;" href="http://creditfederal.com/article/articles/681/1/Cash-for-Clunker-Cars-Cons">Cash for Clunker Cars Cons</a></li><li><a target='_top' style="font-family: Verdana; font-weight: bold;" href="http://creditfederal.com/article/articles/679/1/Cash-TradeIn-Credit-for-Clunker-Cars">Cash TradeIn Credit for Clunker Cars</a></li><li><a target='_top' style="font-family: Verdana; font-weight: bold;" href="http://creditfederal.com/article/blogs/354/Consumers-Love-Cash-for-Clunker-Cars">Consumers Love Cash for Clunker Cars</a></li></ul> This article provided courtesy of <a href=http://creditfederal.com target=_new>www.CreditFederal.com</a>, a personal credit resource of good or bad credit credit cards and loans.

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