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WHat are you going to do to benefit from the "Cash for Clunkers" program


What are you doing to benefit from the "Cash for Clunkers" program.  

15 members have voted

  1. 1. What are you doing to benefit from the "Cash for Clunkers" program.

    • 1) Driving the 250K Suburban into get a Prius!
      2
    • 2) Swapping the Wifes Caddy for a Box with wheels
      0
    • 3) Checking out all of the Dealers Shenanagains for fun!
      6
    • 4) Hittinng up the tradeins for parts!
      7


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What are you going to do to benefit from the Cash for Clunkers program?

I am not trading in a car, but I did call all of my locla dealers to see where they are sending the cars that do get turned in, and the schedule for pickup!

That way I can spot any Zs before they are towed to oblivion and beyond.

knowing what was turned in and where it is going will give me a leg up for getting the best parts off of what gets turned in!

I don't expect to see any Zs, but the Z shares parts with several other Datsuns, so hopefully in making the rounds, I will run across some good parts!

Will

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I think the only Zs that qualify are the Z32s. I can't imagine the non-turbo Z32 averaging less than 18mpg, so maybe just the twin turbo Z32s qualify. Hopefully, there aren't any idiots that would trade these in for scrap....

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I think the only Zs that qualify are the Z32s. I can't imagine the non-turbo Z32 averaging less than 18mpg, so maybe just the twin turbo Z32s qualify. Hopefully, there aren't any idiots that would trade these in for scrap....

The Z31 qualifies. I checked. And to be honest I contemplated for a while weather I should turn in my 86 300ZX. I know to some of you that is blasphemous.....foolish, and plain stupid. Hell, I wouldn't even consider mentioning this on Z31.com. They would eat me alive!

I would never ever turn in my 78 for any program. But, I weighed my options and wondered how I would benefit from a "clunked" 300ZX being turned into scrap. Honestly the notion saddened me. It seemed an undignified way to end her days. I started not to care if $4500 was more than her street value.

So.....what caused me to even consider clunking a Z31? Simple; Financial. That and I've been having some serious issues with the 300 for a while.....until yesterday. A $48 part saved her from a decision that I may have regretted down the line.

A part of me is ashamed to even share this with some of you....but I did think about it for a while. I think I was very frustarted with the Z31. Oh, and as far as any finacial gain........what a joke.....Especially after reading some of the posts here it got me to think even more.

I am still the proud owner of two Zs. The Z31 will remain in my posession. All be it they are completely different from each other, but I love them both. I didn't want to be seen driving a Versa anyway.....Massive cool points would've been lost :cool: But more importantly I would've been another idiot destroying an important car....a car that I actually care about.

Unless it's truly junk, keep your Z.

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Hi Jon:

Actually - they are allowed to resell any of the parts off the clunkers - Except the engine or complete drive train. They{either the Dealer or Recyclers} can sell drive train parts if not attached to the engine.

You can download the specific rules and regulations from the CARS.gov web site - just look at the "Dealer" info. It's about 134 page PDF document.

FWIW,

Carl B.

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From what I was told, they have 180 days from the time they take posession of each vehicle to sell the parts that they are allowed to sell. Once that time has passed they have to be crushed as per the federal guidelines.

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Stephen, You and Carl hit it!

I am afraid to(afraid not to) find some Z32 parts in the turn ins, and I am looking for some specific parts from a Mitsubishi 3000GT VR.

I don't think anyone is under the delusion that every tax paying citizen is not helping to pay for this, but buying parts helps make it more effective, by adding some tax income(no matter how small-in addition to the salvage weight) from the reverse flow), and some economic stimulus to the salvage industry-I wonder if it will lower the value of these program cars on Sadisco/CoPart/insurance auctions.

Will

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My DD Toyota 4x4 qualifies, but there's no way I would part with it and get stuck with a payment. It has 258,000 miles and is rusty, but it runs great and gets 20mpg. I still need a truck, so I would have to buy a $30k truck to get the same option content as what I already have. This whole CARS program is going to get the country into further debt. Many people who take advantage of it can barely afford their clunker, yet think they are getting a deal, so jump into a new car with a huge debt load. Those of us who are smart enough to keep our paid-for vehicle still get stuck with the bill as well as the increase in loan defaults that will surely follow.

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People are getting sucked in by all of this. The guy I talked to at Midnight Auto Recylers said that many of the cars he's taken in are actually in good enough condition to sell for as much as $9000 but, rather than taking the time to sell the car themselves, people are aparently settling for the $4500 govt. rebate.

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There were about 120 "clunkers" that I parked mine beside - trust me, you wouldn't have paid $500.00 for any of them.. $9000.00??? I think your friend at Midnight needs to watch what he's smoking ;-)

If the car was worth $9000.00 the dealer would simply put it on the Used Car Lot and not sold it to the Government for $4,500.00 there isn't a Dealer left in business at this point that is that stupid.

FWIW,

Carl B.

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On Jalopnik, they had people sending in Death Row pics from dealerships. Many of the responses came from kids who worked at the dealers. There were many claims of cars that would likely sell for more than $4500 on the used car market.

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The problem is that a car with a market value of $4,500.00 won't be financed by any banks or credit unions today. So you have to find a buyer with the CASH to buy it - or with the Personal Line of Credit against which to draw. Marginal buyers have been all but shut down by the Banks and Credit Card companies - as credit for anything is still very tight.

If you have an 850+ credit score and you don't need the money to begin with - you can still qualify for a loan.

Secondly - if the car could be sold for $4,500.00+ - the dealer still has to take his overhead and cost to sell off the top of that number.. So even if he got $5,500.00 retail - he'd still lose money on the deal.

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There were about 120 "clunkers" that I parked mine beside - trust me, you wouldn't have paid $500.00 for any of them.. $9000.00??? I think your friend at Midnight needs to watch what he's smoking ;-)

If the car was worth $9000.00 the dealer would simply put it on the Used Car Lot and not sold it to the Government for $4,500.00 there isn't a Dealer left in business at this point that is that stupid.

FWIW,

Carl B.

That's what he said. I've known this guy for some time and have no reason to doubt what he told me. I did say 'many' of the cars. Perhaps the word should have been "some'. The couple of cars he pointed out looked pretty clean. On your other point: Isn't the car "sold" to the Government the minute it's turned in as a clunker? Meaning that at that point the dealer doesn't have any choice in the matter regardless of what the vehicle is worth. Other that shipping it off to have it's engine sanded, it's qualifying parts sold and the rest of it crushed within a 180 day timeframe.
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Yes, but a slimy dealer could give the customer $4500 and not write it up as a CARS turn-in. It would simply be a trade-in.
Yes it would and in that sense how would that be 'slimy'? As long as the dealer didn't get the money from the gov't and didn't turn the car in as a 'clunker'.
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I guess I'll have to be content to pay taxes and be grateful I don't have a car payment, I will look into getting a bumper sticker that says "I owe, I owe, so off to work I go".

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Yes it would and in that sense how would that be 'slimy'? As long as the dealer didn't get the money from the gov't and didn't turn the car in as a 'clunker'.

Assuming the dealer didn't let on that the car would not be turned in for a rebate, they would be slimy. If they were honest and told the customer that they would resell the car, it wouldn't be a CARS transaction, but rather a simple trade-in.

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I am just going to sit back and watch people that cannot afford a new car , trade in one that is paid for and go further into debt.

Why would you assume that? Perhaps like me - their clunker was paid for years ago - and ever since they saved their money monthly... I'll bet that of the new cars sold with the CLUNKER program a huge percentage of the customer paid cash for the difference - or had such good credit they could put it on their VISA. Like I said - at least around here - you have to have A+++ credit ratings to get a loan on anything - this isn't the same market we had a couple years ago...

With Manufacturers Discounts, and the CARS credit - most of the vehicles sold cost around 20K to start with - and the actual difference was between $10K and $15k {I'm guessing}... not exactly like financing a new car for $30K over seven years.

Even then - "IF" you have the credit rating -"0%" financing on a $15K loan - is still very affordable for people that have good credit to begin with..

FWIW

Carl B.

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Tell me where you can buy any of the top 10 trade in models for $500. I'll head there now...

http://autos.yahoo.com/articles/autos_content_landing_pages/1036/top-cash-for-clunkers-trade-ins-and-new-cars/

Hi Jon:

You have to admit that model and model year alone - really doesn't tell you much about the vehicle. My wife had a 1991 Expolorer - she is a very easy driver - when we sold it in 2000 it want for $6K with 86K miles - prior to selling it we put about about $2K into it - power windows failed, brakes were due, the evaproator sprung a leak.. Jump forward 10 years - and picture the Explorer with 150K miles falling completely apart.. Or check your local junk yards and see how many are there - not wrecked, but just with blown tranny's and engines - and not worth fixing.

I can see why the 90's Explorers are topping the list.. No question there are a few out there with 50K original miles that some old lady had that you can buy for $6,500.00 today... but they aren't the ones being turned in - at least not around here.

FWIW,

Carl B

Edited by Carl Beck
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On your other point: Isn't the car "sold" to the Government the minute it's turned in as a clunker? Meaning that at that point the dealer doesn't have any choice in the matter regardless of what the vehicle is worth. Other that shipping it off to have it's engine sanded, it's qualifying parts sold and the rest of it crushed within a 180 day timeframe.

The car becomes a "Clunker" when the Dealership fills out the on-line forms with the CARS program office. At that point the Dealer has to give them the VIN along with a lot of other data, copies of the Title, Registration, Insurance from the customer.

If the Dealer decides to keep and resell the car - he can't show it on the Customer Sales Order as a "CARS Program Credit" - doing so would risk serious Federal Penalties - Keep in mind that these are Authorized New Car Dealerships worth millions and millions of dollars - no Owner would risk that.

The Dealer has to disable the engine per the procedures outined in the code - before it is turned over to the Salvage Yards... and then there is a whole paper trail until what's left is crushed.

Additionally the Customers have to sign certain forms, and swear to certain facts - again any misrepresentation carries Federal Penalties that far exceed any potential reward. Anyone with any nerve can screw with Local and State Laws - and with a good Lawyer walk away pretty clean if caught. That is NOT the case when dealing with the Fed's - they can destroy you and they enjoy doing it. Unlike Medicade/Medicare - I really don't expect to see much fraud with this program..

FWIW,

Carl B.

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HI

That is funny to ear and the same is already being doing in Portugal. Almost every Car Manufactures are giving 5000€ to everyone that has a more them 8 years old car and wants to trade it for a new one that has a low CO2 polution.

For what i can see here, i don`t see any Ferraris, Porsches or even Datsuns being hit by this program.

Only one time i saw one or two pictures of old TE27 Corollas to crush...

About selling parts from that cars, what i know is that almost every crushers that has that cars, they give all parts FREE, they don`t want any money and sometimes they have there a friend or an employe that put an add or something like it, advising people to come there and take all parts they want 100% FREE.

I guess Classic cars will always be Classic Cars, but sometimes i think in our plantet too.

Filipe

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Why would you assume that? Perhaps like me - their clunker was paid for years ago - and ever since they saved their money monthly... I'll bet that of the new cars sold with the CLUNKER program a huge percentage of the customer paid cash for the difference - or had such good credit they could put it on their VISA. Like I said - at least around here - you have to have A+++ credit ratings to get a loan on anything - this isn't the same market we had a couple years ago...

With Manufacturers Discounts, and the CARS credit - most of the vehicles sold cost around 20K to start with - and the actual difference was between $10K and $15k {I'm guessing}... not exactly like financing a new car for $30K over seven years.

Even then - "IF" you have the credit rating -"0%" financing on a $15K loan - is still very affordable for people that have good credit to begin with..

FWIW

Carl B.

You'd be the exception rather than the rule. While it is likely some percentage of individuals paid the difference in cash I would be surprised if they were a majority of buyers under C4C. Statistically Americans haven't saved much money in the last 30 years and they've gone into debt at a greater ratio than they've saved to boot. I can't imagine what the payout would be on a loan floated on a credit card either, the worst kind of legal debt imaginable. All the $4500 does is absorb the depreciation on the car when it gets driven off the lot, the majority of buyers will still end up with a car payment as well as the difference in insurance, hopefully the fuel economy will cover some of it. This was as much another $3 billion in TARP to lending institutions as it was an effort to get folks into debt to drive a Hybrid like the Goron does.

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