Cash For Clunkers Bill Passed (Big Deal)

The cash for clunkers bill was approved yesterday and it looks like another stupid Congressional gimmick. If your car is worth less than $4,500 you can trade it in for new car that gets better gas milage and receive a voucher worth either $3,500 or $4,500 based on how much you improve the milage.

Now if someone is driving a car worth less than $4,500 do you think they can afford to go out and buy a brand new car just because they are getting a voucher for $4,500? If the car is worth more than $4,500 you certainly would not exchange it for less than it is worth. As per the chart below, you only have to improve milage by as little as 1 mile a gallon on a large pickup truck to get $3,500, not much of an environmental savings. This whole program is a joke.-Lou