View Poll Results: Should I do it??
- Voters
- 20. You may not vote on this poll
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Yes, you're the one paying for the god damn program anyway!!
8 40.00% -
Hell no, and shame on you for considering it!!
10 50.00% -
Undecided as of now.
2 10.00%
Results 1 to 10 of 40
Thread: Use Cash for Clunkers or not??
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August 12th, 2009, 10:36 PM #1
Use Cash for Clunkers or not??
Is it the height of hypocrasy if I use Cash for Clunkers?? I have a 2004 Expedition Eddie Bauer with 51K miles on it, which I have been 'upside down' on for awhile. The warrenty is about to expire and now I'm just about 'even' as far as what I owe compared to what its worth. If I do the program and put $4500 towards a new car, I could get something in the mid-upper 20's and keep the same payment (+/- $380/mth). Financially, it makes sense, but I do have some principles. Its only a 2004, lots of people would love to have a car that new, and its a luxury SUV to boot. I own a home, two cars, a motorcycle, and support a family of four, I don't NEED to do this. I'm torn. Obviously, it comes down to what I'm comfortable with, but I'm curious as to what some of my peers, like-minded folks, would do. Thanks!!
"Things have taken a turn for the surreal." - Capt. John Miller
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August 12th, 2009, 10:40 PM #2Grand Member
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Re: Use Cash for Clunkers or not??
Does it even Qualify?
Do you know how the program works?
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August 12th, 2009, 10:46 PM #3
Re: Use Cash for Clunkers or not??
"Things have taken a turn for the surreal." - Capt. John Miller
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August 12th, 2009, 11:08 PM #4
Re: Use Cash for Clunkers or not??
Have you looked up the Expedition's value? It may be worth more than $4500, and probably is, assuming it's in good shape.
If I was in the market for a new car, I'd consider it...but I'd hate to see a perfectly good car destroyed, even if I'm getting a couple grand extra for it.
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August 12th, 2009, 11:13 PM #5Grand Member
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August 12th, 2009, 11:16 PM #6
Re: Use Cash for Clunkers or not??
Oh no no, I wasn't clear about the situation. The car is worth around $9500 trade in, probably 13K retail. However, that pretty much exactly what I owe on it. So I trade it in towards a new car that gets good gas mileage and they give me 4500 to put down on it. No money out of pocket, payments stay the same.
"Things have taken a turn for the surreal." - Capt. John Miller
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August 12th, 2009, 11:17 PM #7
Re: Use Cash for Clunkers or not??
Edmunds values your car at a minimum of $11000. Why would you let it go for $4500?
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August 12th, 2009, 11:21 PM #8
Re: Use Cash for Clunkers or not??
No, they roll what you owe over to the new loan along with the price of the new car. You will be giving away money. If you car is worth more than $4500, there is no earthly reason to do what you are considering.
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August 12th, 2009, 11:22 PM #9Grand Member
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August 12th, 2009, 11:23 PM #10Active Member
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