Consumer Reports suggests clunkers to cash in on
With Congress on the verge of passing some kind of cash for clunkers legislation, it's time to take a look at what cars are worth trading in for the scrappage credit and what to sell by other means. The good folks at Consumer Reports have come to the rescue. Obviously a car that has a retail value greater than the corresponding rebate is not worth trading in unless you just can't be bothered to stick a For Sale sign in the window. The CR staff has examined the prices and concluded that pre-1993-94 Cadillac deVilles, Eldorados and Sevilles are all solid candidates.
One surprise car on the list is the 2001 Lincoln LS V8. The LS was a well-regarded if blandly styled sedan in its time. Those looking for a good handling rear drive sedan alternative to a BMW 5-series might want to consider one of these at a bargain basement price.
The truck list is quite a bit longer than the car list, including such winners as the pre-1996 Ford Aerostar and Isuzu Rodeo. Having driven the Rodeo in the distant past, it would be highly recommended to scrap all of them regardless of age and retail value. Check out the whole list at CR. Thanks to Richard for the tip!
[Source: Consumer Reports]
Reader Comments (Page 1 of 1)
Joe 5:42PM (6/16/2009)
Am I missing something? My understanding is that you have to have ownership and had insurance on the car for a full year?
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Chris 6:35PM (6/16/2009)
I think you are correct, Joe. My understanding is that you have to have had the vehicle insured/registered for the 12 months prior to the new vehicle purchase/old vehicle scrappage.
This should keep people from going out an buying $$$ clunkers and trying to get $4500 out of the government for them. Now if you still have an old beater registered and on minimal insurance, and you in the market for a new vehicle, you're probably in luck.
Matt 5:08PM (6/16/2009)
Is there anything that would prevent me from purchasing a horrible P.O.S. from a junk yard for ~$100 and then getting the rebate? Where can I find the rules?
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GoodCheer 5:15PM (6/16/2009)
I believe, but cannot document, that the vehicle to be scrapped has to be inspected and insured (i.e., on the road).
Can anybody verify this?
polo 5:36PM (6/16/2009)
Yes, you have to have the car insured for a year and it has to be in working condition. But I'm sure you can buy one at a junkyard and sell it to some idiot for $1,000 who thinks he can get the rebate. Just make sure its someone with one of those Bush/Cheney bumper stickers =]
Matt 5:40PM (6/16/2009)
AL (my state) does not currently perform inspections of any kind, so maybe just licensed? Heck, the cheaper the car, the cheaper the license since it's just tax anyway. I think I could buy a REAL clunker for ~$100, get all the tax/tag/license/fees for another $100 or so, and insure it liability only for another $50 (monthly) and have $250 invested to receive $2,500 in exchange. That would be a pretty sweet return on my investment... Of course, they could easily say that the vehicle must be owned for at least 1 yr, and that would negate the possibility of doing something like that.
Matt 5:41PM (6/16/2009)
scratch that, it's $4,500!!! I don't know where I got $2,500 from
Matt 5:43PM (6/16/2009)
point=moot anyway :(
...if only I hadn't sold that '91 mustang
Kevin 5:47PM (6/16/2009)
I hope I can trade in for a motorcycle. If not, I'm getting a Mazda 5.
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polo 6:56PM (6/16/2009)
What a horrible execution of what could've been a good program. If you have one of these cars (which thanks to the ultra-strict 18mpg requirement makes that highly unlikely) chances are you can't afford or won't qualify for credit for a new car, even with the $4,500 incentive. This program is mostly for SUV owners who will find it much easier to qualify.
If the program was say 20mpg and under, you would see ALOT of activity at dealer lots, but I doubt that will be the case now...except for SUV trade-ins.
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GoodCheer 7:16PM (6/16/2009)
I think this has been said before, but I think that any vehicle should be eligible, so long as the vehicle with which it is being replaced has a fuel consumption of (for instance) 4l/100km less. So you could trade in 10mpg for 12, 15 for 20, 20 for 30, or 27 for 50.
That way we'd know that our tax money was buying a set amount of reduced oil imports.
Kevin 10:38AM (6/17/2009)
My jeep cherokee 4x4 automatic just barely qualifies for it based on EPA ratings of 15mpg average. I can't qualify for a loan on replacing it with anything equivalent to it offroad. But, I can get something that will last me the next decade or so.
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donna hensley 11:35PM (6/23/2009)
I have a 1991 buick regal 6 cyl,3.8,automatic 4-speed,(FFS), regular.
According to your records, you say the car gets 17MPG-city, 26MPG-hwy. Would my vehicle qualify? Please respond!
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