Cash for Clunkers Part 2
Work with folks long enough, and your minds start to meld into one. My colleagues Kendra Marr and Michelle Singletary also wrote about the new federal cash for clunkers program for our Sunday Business section.
Kendra's story looks at how even some high-end vehicles might qualify as "clunkers" under the new legislation if they're old enough and get poor gas mileage.
Meanwhile, in her column this week, Michelle wonders whether the law is actually encouraging people to stay in a cycle of car debt. She points out that the credit does not apply to used cars, even though you can use it toward leasing a vehicle.
Please keep your comments coming! You have good points about the amount we would pay in interest being less than the amount of the credit. And we continue to sock away cash to try to increase our down payment.
Right now, we are leaning toward taking advantage of the credit. The program lasts through November but could end earlier if the money runs out. I e-mailed a few dealers for price quotes over the weekend to scope out the market. I must say that I'm really not impressed with the level of service so far.
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