• Tip'd Home » Economy » Cash For Clunkers – What it is and How it Hurts the Poor

Comments

OEX 923 days ago

Good article and makes sense. Just another huge waste of tax payer dollars. I am glad for the car dealerships I guess, but that certainly doesnt help many millions of others still out of work.

richmcl 923 days ago

I probably fall in the 'poor' category because I could not buy a new car. My car is a 2001 and in pretty good shape. The car before it I kept over 10 years and that was in a better economy when I was earning over 100k. I keep cars a long time and think that getting them off the street is actually a good idea. Technology advances make new cars cleaner - we should just figure out a good age at which this is a good policy.

opportunities 855 days ago

As we are seeing now, another effect of Cash for Clunkers was that it simply shifted demand. Dealers are seeing the effects of that now, as many consumers who wanted a new car bought one during the program instead of waiting a few months. That is why most manufacturers are seeing sales declines again, and will continue to do so for a while.

amabaie 855 days ago

@opportunities On a relatively inelastic product, that is par for the course. Cash for Clunkers was meant to shift demand. People were delaying inevitable purchases and Cash for Clunkers removed the delay.

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