I was surprised last week to find out my truck qualifies for the cash for clunkers program. No, I'm not considering buying a new vehicle. I bought the truck new in 2003 and it now has only 51,000 miles on it. I plan to keep it at least another 4 years, before I even start looking at possible replacement options. With luck, I will be able to drive this truck for another 10 years. So it doesn't make sense for me to take advantage of the Cash for Clunkers program, especially since I would need to pay an additional $12,000 for a new car.
Even if I were looking for a new car, the truck averages about $5,000 in a private sale transaction, which is higher than the $4,500 voucher I might receive. However, now I know I'm frugal since the government has made it official that I drive a clunker :-)
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This is not financial advice. Please consult a professional advisor.
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1 comment:
What the govt should really do (instead of the awful cash for clunkers programme) is implement a cash for your car and your licence programme to take more cars off the road.
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