I'm right there with you, Eileen. I had originally intended to drive my '94 Mazda B4000 pickup until the wheels fell off, and I have a great credit score. While I had hoped to squeeze 2 or 3 more years out of that pickup, I feel that CFC, combined with the federal tax deduction for new car sales tax in 2009, provides some great incentive to get a new vehicle sooner. I'm also considering a Ford Escape or Mazda Tribute hybrid, both of which would provide yet another $1500 in tax deductions.

Good for you! Let us know how that works out. The Edmunds' CEO quoted in the article, said he doesn't know many people like me who could finance a new car but choose to drive cars well into their teens. - eileen

ok now thats a little stupid, if it takes a 700 credit score then who is going to benifit??? people with high credit scores can already get any car they want, along with good deals on interest, its those with poorer scores who really need a newer car so they can get to work every day without worrying about not having enough gas, or the car just wont start at all, or it leaves them stranded half way. who does the USA really put in charge of our lives? they clearly cant be too smart.

It is not good for those who own older model cars that get over 18 mpg. I have a 1990 Honda Accord and I wanted to purchase a Ford Fusion, which is more efficient, however, because of my car exceeding 18 mpg, I get nothing. I guess I'll keep the old car.

I think the CARS program is wonderful idea. As for the taxes and tags, at least in my state, North Carolina, we are able to get a tax credit for this added expense. A 700 credit score does not put you out of the realm to purchase a new car. Try a local credit union, or state or federal credit union. They are more apt to lend in this economy at a fair rate for those without the "score". I plan on fully using this program as soon as it is implemented. Some folks have purchased new car's recently and some folks have cars worth more than the voucher. This program isn't really fair to them, but then again, if life was fair we would all be still cryin' the blues.

Cash for clunkers will devastate car donations to charities because the amount of the voucher is so much greater than the tax deduction. A simple solution to boost car sales would have been to just go back to allowing people to take the blue book value of their car as the tax deduction for donating it to charity. Most cars that are donated to charity are recycled. Those that aren't have to be roadworthy and pass inspection before they car be sold or given to the public. The result is less polluting vehicles on the road.
Karen Campese, CEO
Cars4Charities
http://www.cars4charities.org

The program sure works for me. I have a '98 Ford Explorer with 4WD and a V8 . It gets a combined 14 mpg. The trade-in value is less than $1,500. I was once the primary driver, but my teen-age daughter has been driving it for the past few years. Without "cash for clunkers," I would have hung onto my '04 Passat for several more years. But now, I plan to trade in the Ford for something new ASAP and turn the Passat over to my daughter. The automotive industry will be bolstered by at least one new car sale it would not have had otherwise.

The govt. has set aside $1 billion in funding for this, or around 250,000 cars or so. It may be a first-come, first-serve basis. Good luck. - ema

My wife and I plan on taking full advantage of the program. Our credit scores are great. We have driven a used 1995 Rodeo 4wd V6 since 2001. It now has 160,000 miles and is worth about $750 as a trade in. We had planned on purchasing a newer used vehicle anyway but now will probably purchase new. We'll plan on keeping this vehicle for 10-15 years. I think the program has some issues, one is our 1995 Rodeo is a 4wd but the EPA website says the 1995 Rodeo was only available in a 2wd 4 cyl version.

Our credit scores are in the 770-780 range, but we like to buy used cars and drive them until the wheels fall off. Part of why we do as well as we do is that we don't buy new cars. We drove junkers that we could save up for or pay off the loan within a year. Then, we paid the equivelent of a car payment into a savings account. Our truck just bit the dust, and we were able to purchase a nice used truck cash (5k) with the money we have saved in the last 3 years instead of having a payment. If you can afford a payment, you can afford to save for your next car! You just need to be willing to drive something that's not too fancy for a few years while you save up. You won't be sorry when you hand over the cash and drive away free and clear!

The rebate could possibly convince us to buy a new vehicle, which would normally be out of the question. We won't pay for that depreciation. We didn't trade in the vehicle that we just had to replace and have not yet sold it. If the proceeds of our other car and the rebate provided enough money to get a new car, we would think about it, but we are done with car loans and driving cars that we can't afford. Not to mention, you can almost always get a better car used than you could possibly afford new.

This wouldnt help at all, I have a 89 tempo and it supposedly gets 23mpg.... really do not know how an old car even with higher gas mileage is helping the air quality.

I don't agree that everyone with a good credit score can simply afford to run out a buy a brand new car. My score is above 780 but I don't have the money to run out tonight and start financing a new vechicle. I have 2 kids in daycare and a myriad of other normal household expenses. But no car payments in our house. My car is a 2001. I wouldn't call that new. I'm also outgrowing it....well the kids are not me. But don't want a $200+ car payment a month with or without this deal. I wish I could take advantage of it but don't need to create an unnecessary expense...

so if you have two or more clunkers at your house you cannot trade both of them for one car. The program is for one per
person.

Jhenry
Blogger
www.cashforclunkersfacts.info
http://www.cashforclunkersfacts.info

please do something so the right people can to benefit also..you have got to help the lower credit score people get financed too . it doesnt take a genious to realize that people with 700 hundred credit scores dont drive clunkers ,,,please help me this program is the only way I can ever get 4500$ towards a car and I cant it is not fair I have the clunker and am stuck with it please sombody help me get a car PLEASE. why cant we get a 2009 used car with low miles ... we would then need less of a loan and probably get financed.why dear God does it have to be brand new and ruin everything.the gov makes a life saving idea up to most of us and then muddies it up with rules that dont help everyone please revamp the rules we need help please