Comments on: Top 10 Cash-for-Clunkers Vehicles http://www.ritholtz.com/blog/2009/08/top-10-cash-for-clunkers-vehicles/ Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media Sun, 21 Mar 2010 13:05:35 -0400 http://wordpress.org/?v=2.9.2 hourly 1 By: DeDude http://www.ritholtz.com/blog/2009/08/top-10-cash-for-clunkers-vehicles/comment-page-1/#comment-206749 DeDude Thu, 20 Aug 2009 13:22:01 +0000 http://www.ritholtz.com/blog/?p=35952#comment-206749 primordial; even for those who don't have the savings to pay cash, I have seen a lot of offers with payments of about $125/month for 72 months. However, just the savings in gas alone pays half of that amount. For people in your situation this was a great deal. primordial; even for those who don’t have the savings to pay cash, I have seen a lot of offers with payments of about $125/month for 72 months. However, just the savings in gas alone pays half of that amount. For people in your situation this was a great deal.

]]> By: Hot Links: Public Service Announcements « The Reformed Broker http://www.ritholtz.com/blog/2009/08/top-10-cash-for-clunkers-vehicles/comment-page-1/#comment-206736 Hot Links: Public Service Announcements « The Reformed Broker Thu, 20 Aug 2009 12:37:16 +0000 http://www.ritholtz.com/blog/?p=35952#comment-206736 [...] What are the ten best-selling cars in the Cash 4 Clunkers program?  (TBP) [...] [...] What are the ten best-selling cars in the Cash 4 Clunkers program?  (TBP) [...]

]]> By: primordial_ooze http://www.ritholtz.com/blog/2009/08/top-10-cash-for-clunkers-vehicles/comment-page-1/#comment-206635 primordial_ooze Thu, 20 Aug 2009 01:16:45 +0000 http://www.ritholtz.com/blog/?p=35952#comment-206635 I traded in my 1989 Jeep Cherokee 4WD for a 2009 Hyundai Accent sedan. The Jeep had a combined mpg of 16, the Hyundai has a combined 29 mpg. The Jeep was my only vehicle. I paid cash for the Hyundai, $7921 including sales tax, prep fee. Why wouldn't I do it? A good warranty, much less cost to operate. The Jeep is heavier, but the Accent has all the airbags, the Jeep none. I would have had to buy another vehicle in a year or two, but I would have been able to afford only a good used car, not a new one. This is my first new car. The Jeep polluted way, way more than the Hyundai does. This CARS program is great for someone like me who makes a middle class wage and has enough savings to pay cash. I traded in my 1989 Jeep Cherokee 4WD for a 2009 Hyundai Accent sedan. The
Jeep had a combined mpg of 16, the Hyundai has a combined 29 mpg. The Jeep was
my only vehicle. I paid cash for the Hyundai, $7921 including sales tax, prep fee.
Why wouldn’t I do it? A good warranty, much less cost to operate. The Jeep is heavier,
but the Accent has all the airbags, the Jeep none. I would have had to buy another vehicle
in a year or two, but I would have been able to afford only a good used car, not a new one.
This is my first new car. The Jeep polluted way, way more than the Hyundai does. This
CARS program is great for someone like me who makes a middle class wage and has enough
savings to pay cash.

]]> By: Jpjr http://www.ritholtz.com/blog/2009/08/top-10-cash-for-clunkers-vehicles/comment-page-1/#comment-206519 Jpjr Wed, 19 Aug 2009 20:13:32 +0000 http://www.ritholtz.com/blog/?p=35952#comment-206519 GM stealing $100BB is an uninformed argument. The sad reality is that inheriting GM pensions/benefit obligations would have been much more costly to taxpayers than bailing them out. I personally think the decision came down to simple math... and now we are right back to the pension/health care problem the US faces. GM stealing $100BB is an uninformed argument. The sad reality is that inheriting GM pensions/benefit obligations would have been much more costly to taxpayers than bailing them out. I personally think the decision came down to simple math… and now we are right back to the pension/health care problem the US faces.

]]> By: lalaland http://www.ritholtz.com/blog/2009/08/top-10-cash-for-clunkers-vehicles/comment-page-1/#comment-206510 lalaland Wed, 19 Aug 2009 19:59:26 +0000 http://www.ritholtz.com/blog/?p=35952#comment-206510 http://www.bloomberg.com/apps/news?pid=20601087&sid=akjL3wiDVfnU Gm did sell the most total cars in cash/clunks. Also, light cars have higher fatality rates mainly when hit by heavier cars, but they don't have a rollover problem. If everyone drove lighter cars we would have lower fatality rates - it's not armor, it's a weapon. And gm stole 100b? What about the goldman boys who manipulated oil prices to $147/barrel. Sales for american car makers plummeted, so their sales had dropped off a cliff 6 months before lehman failed. So wall street gets consumers to stop buying then totally fucks the economy and it's GM's FAULT? I personally think the financial services industry should pay back the gm bailout, as well as unemployment benefits to states and foreclosure costs for prime mortgage holders. (easy to add to that list) http://www.bloomberg.com/apps/news?pid=20601087&sid=akjL3wiDVfnU

Gm did sell the most total cars in cash/clunks.

Also, light cars have higher fatality rates mainly when hit by heavier cars, but they don’t have a rollover problem. If everyone drove lighter cars we would have lower fatality rates – it’s not armor, it’s a weapon.

And gm stole 100b? What about the goldman boys who manipulated oil prices to $147/barrel. Sales for american car makers plummeted, so their sales had dropped off a cliff 6 months before lehman failed. So wall street gets consumers to stop buying then totally fucks the economy and it’s GM’s FAULT?

I personally think the financial services industry should pay back the gm bailout, as well as unemployment benefits to states and foreclosure costs for prime mortgage holders. (easy to add to that list)

]]> By: dnarby http://www.ritholtz.com/blog/2009/08/top-10-cash-for-clunkers-vehicles/comment-page-1/#comment-206496 dnarby Wed, 19 Aug 2009 19:46:35 +0000 http://www.ritholtz.com/blog/?p=35952#comment-206496 Maybe there's another reason... Perhaps GM isn't participating? http://finance.yahoo.com/news/NY-dealers-pull-out-of-apf-222731432.html?x=0&sec=topStories&pos=2&asset=&ccode= Mmmmmaybe... Maybe there’s another reason… Perhaps GM isn’t participating?

http://finance.yahoo.com/news/NY-dealers-pull-out-of-apf-222731432.html?x=0&sec=topStories&pos=2&asset=&ccode=

Mmmmmaybe…

]]> By: aupanner http://www.ritholtz.com/blog/2009/08/top-10-cash-for-clunkers-vehicles/comment-page-1/#comment-206442 aupanner Wed, 19 Aug 2009 18:49:36 +0000 http://www.ritholtz.com/blog/?p=35952#comment-206442 nemo, you're flat out wrong. in my town, we haul our trash to the "transfer station". right or wrong, b.s. or no b.s. , that is the crap we have to deal with. so, a pick up and/or suv has tremendous utility. some of us also have to haul away our yard waste to the transfer station if we don't have a place to dump that on our property. those to uses, combined with the fact that are plenty of people who can and like to do their own home maintenance means that there are people other than farmers, contractors, or cowboys who find the pick-up to be useful. what's the negative? 12,000 miles per year / 16 mpg x $3 per gallon = $2,250 per year gas expense. not exactly breaking the bank. nemo, you’re flat out wrong. in my town, we haul our trash to the “transfer station”. right or wrong, b.s. or no b.s. , that is the crap we have to deal with. so, a pick up and/or suv has tremendous utility. some of us also have to haul away our yard waste to the transfer station if we don’t have a place to dump that on our property. those to uses, combined with the fact that are plenty of people who can and like to do their own home maintenance means that there are people other than farmers, contractors, or cowboys who find the pick-up to be useful. what’s the negative? 12,000 miles per year / 16 mpg x $3 per gallon = $2,250 per year gas expense. not exactly breaking the bank.

]]> By: nemo http://www.ritholtz.com/blog/2009/08/top-10-cash-for-clunkers-vehicles/comment-page-1/#comment-206405 nemo Wed, 19 Aug 2009 18:25:36 +0000 http://www.ritholtz.com/blog/?p=35952#comment-206405 "AP reports that most of the trade ins have been pickups/SUVs." In other words, people are getting rid of vehicles that were frivolous choices even back during good times. Unless you're a farmer, a contractor, or a cowboy, there is no good reason for anyone to drive a pickup truck. I know a few honest-to-god farmers, but most people I know who drive pickups are suburban wannabe cowboys. A pickup is usually a fashion statement, not a smart choice of vehicle. And SUVS, don't get me started. “AP reports that most of the trade ins have been pickups/SUVs.”

In other words, people are getting rid of vehicles that were frivolous choices even back during good times.

Unless you’re a farmer, a contractor, or a cowboy, there is no good reason for anyone to drive a pickup truck. I know a few honest-to-god farmers, but most people I know who drive pickups are suburban wannabe cowboys. A pickup is usually a fashion statement, not a smart choice of vehicle.

And SUVS, don’t get me started.

]]> By: DeDude http://www.ritholtz.com/blog/2009/08/top-10-cash-for-clunkers-vehicles/comment-page-1/#comment-206325 DeDude Wed, 19 Aug 2009 16:58:16 +0000 http://www.ritholtz.com/blog/?p=35952#comment-206325 davver1; the average improvement is 9.5 miles/gallon. I doubt that is a slight improvement in anybody's book. The program actually allowed for as little as 2 miles improvement for certain deals, so there are probably a few cases of big SUV to big SUV with slightly higher mileage, but that would have to be rather rare in order for the average improvement to be as high as 9.5. davver1; the average improvement is 9.5 miles/gallon. I doubt that is a slight improvement in anybody’s book. The program actually allowed for as little as 2 miles improvement for certain deals, so there are probably a few cases of big SUV to big SUV with slightly higher mileage, but that would have to be rather rare in order for the average improvement to be as high as 9.5.

]]> By: davver1 http://www.ritholtz.com/blog/2009/08/top-10-cash-for-clunkers-vehicles/comment-page-1/#comment-206312 davver1 Wed, 19 Aug 2009 16:42:16 +0000 http://www.ritholtz.com/blog/?p=35952#comment-206312 BR, There was an article, I think on CNN or Time, where somebody parsed the numbers on the clunkers program. In order to make it look like people were driving off in eco friendly sedans the government divided the trucks and SUVs into several additional categories to make sure they didn't appear in the top 10 list. The article had a new list based on a more honest approach and many of the trade ins are simply to buy new SUVs (with slightly higher mileage of course). BR,

There was an article, I think on CNN or Time, where somebody parsed the numbers on the clunkers program. In order to make it look like people were driving off in eco friendly sedans the government divided the trucks and SUVs into several additional categories to make sure they didn’t appear in the top 10 list. The article had a new list based on a more honest approach and many of the trade ins are simply to buy new SUVs (with slightly higher mileage of course).

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