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11/4/09 10:09pm - Original Message: 'Another Cash for Clunker Thought'
tinbender
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edgwood, MD - USA

Vette(s):
1975 convertible,with the hard top and power streering.it a 350 L48 with auto trans. the color is light blue.

Joined: 11/1/2007
Posts: 736
 Remeber the covette meeting it's end in cash for clunkers.Well the total vettes turned in according to Muscle Machines Magazine is a  131 this inculds 34 convertibles.Years 84 to 95. The brands of muscle cars(Mustang,camaro,and yes their was even a GNX turned in) didn't fair better.there was more of them.
                                      Rick                                                          
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11/4/09 11:07pm - Reply: 'Another Cash for Clunker Thought'
greypoupon69 Lifetime Member
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Irving, TX - USA

Vette(s):
#1 -1969 Corvette Coupe Riverside Gold, black interior,MN,A/C,350/350,PS,PB,window cranks. #2 -2000 C5, black/black, 6 sp, Bose system & lots of buttons.

Joined: 8/21/2004
Posts: 4273
The convertables were turned in as clunkers because they leak really bad during a hard rain storm...........LOLLOLLOLLOL

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MICK - C3VR Lifetime Member #113

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11/5/09 12:36am - Reply: 'Another Cash for Clunker Thought'
Jaws79 Lifetime Member
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Sykesville, MD - USA

Vette(s):
1979 Corvette Coupe Corvette Light Blue Midnight Blue interior Mirrored Glass T-tops

Joined: 4/27/2008
Posts: 4211
They were probably all worth more than $4500!
 
Barry
 
Wits End


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"Down on the Boardwalk...

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11/5/09 11:51am - Reply: 'Another Cash for Clunker Thought'
2nd2ja Gold Member
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Lino Lakes, MN - USA

Vette(s):
71 Coupe LS5 454 Auto

Joined: 1/8/2009
Posts: 138
Cash for Clunkers, what a scam!
 
At least the waste has ended (thank god).
 
I write an online column about American Muscle Cars and had to do something about this crappy legislation.
 
So I started writing to inform the public how harmful this law was.
 
I also write many articles on Muscel Cars in general (how about a Camaro SS review?). To see some of my articles (or relive those dreaded C4C days, check out my link. (I'd appreciate it.)
Remember, this column is by enthusiasts (me) for you. Cars play an instrumental part of my life.
 
Unfortunately, we don't know the long term effects of scrapping all those cars and parts. What kills me is the senseless (IMHO) killing of the engines making them a big old paperweight.
 
It's good to know that enthusiasts like us will always be there to right the wrongs and to set the records straight about wasteful laws, esepcially when it comes to our precious cars.
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11/5/09 12:42pm - Reply: 'Another Cash for Clunker Thought'
fp_vetter72 Lifetime Member
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COPPERAS COVE, TX - USA

Vette(s):
1972 corvette stingray convertible 2007 coupe

Joined: 7/6/2002
Posts: 412
Here is an interesting look at the cash for clunkers,

The brilliant scam:  Bring your clunker to the nearest car dealer and you will get a gift from Obama - $3500 for your junk car to be applied to

the purchase of your brand new car.                                                                                               Ignore all the gas crap and just look at how the stupid car buyer got taken to the cleaners:                                                      

                                                                                                                                                      

                                                                                                                                                     

   If you traded in a clunker worth $3500, you get $4500 off for an apparent "savings" of $1000.

                 

                                                                                                                                                     

                                                                                                                                                      

   However, you have to pay taxes on the $4500 come April 15th (something that no auto dealer will tell you).  If you are in the 30% tax bracket, you will pay $1350 on that $4500.                                                                                                                     

                                                                                                                                                      

                                                                                                                                                     

   So, rather than save $1000, you actually pay an extra $350 to the feds...  In addition, you traded in a car that was most likely paid for. Now you have 4 or 5 years of payments on a car that you did not need, that was costing you less to run than the payments that you will now be making...    

                                                                                                                                                      

                                                                                                                                                      

   But wait; it gets even better:  you also got ripped off by the dealer.                                                                            

                                                                                                                                                      

   For example, every dealer here in LA was selling the Ford Focus with all the goodies, including A/C, auto transmission, power windows, etc for    

   $12,500 the month before the "cash for clunkers" program started.                                                                                 

                                                                                                                                                      

                                                                                                                                                     

   When "cash for clunkers" came along, they stopped discounting them and instead sold them at the list price of $15,500.  So, you paid $3000 more  

   Than you would have the month before.  (Honda, Toyota, and Kia played the same list price game that Ford and Chevy did).                         

                                                                                                                                                      

                                                                                                                                                      

   So let's do the final tally here:                                                                                                                 

                                                                                                                                                      

                                                                                                                                                     

   You traded in a car worth:      $3500                                                                                                                 

                                                                                                                                                     

   You got a discount of:          $4500                                                                                                             

                                                                                                                                                      

                                  --------                                                                                           

                                                                                                                                                      

   Net so far                     +$1000                                                                                                       

                                                                                                                                                      

   But you have to pay:           $1350 in taxes on the $4500                                                                                        

                                                                                                                                                     

                                  --------                                                                                            

                                                                                                                                                     

   Net so far:                      -$350                                                                                                         

                                                                                                                                                     

   And you paid:                     $3000 more than the car was selling for the month before                                                        

                                                                                                                                                      

                                    ----------                                                                                            

                                                                                                                                                      

   Net                              -$3350                                                                                                   

                                                                                                                                                      

                                                                                                                                                     

   We could also add in the additional taxes (sales tax, state tax, etc.) on the extra $3000 that you paid for the car, along with the 5 years of    

   Interest on the car loan, additional insurance cost, additional licensing cost, but let's just stop here.                                          

                                                                                                                                                     

                                                                                                                                                      

   So who actually made out on the deal?  The feds collected taxes on the car along with taxes on the $4500 they "gave" you.  The car dealers made an extra $3000 or more on every car they sold along with the kickbacks from the manufacturers and the loan companies.  The manufacturers got to dump lots of cars they could not give away the month before.  And the poor, stupid consumer got saddled with even more debt that they cannot afford.   

                                                                                                                                                     

                                                                                                                                                      

   Obama and his band of merry men convinced Joe consumer that he was getting $4500 in "free" money from the "government" when in fact, Joe was      

   Giving away his $3500 car and paying an additional $3350 for the privilege.                                                     

   Think this was stupid for those who were crazy enough to swallow this wonderful scheme?                              

     Just wait until we get Obama's nationalized health care with no additional costs over what most of us now pay for health insurance and the best medical care in the world.  Think that scheme might be hatched by the same guy who pushed the "Cash for Clunkers"? Do you hear Obama getting ready again to say: "Sucker!!?”                                                                   AND ... the "clunkers" were supposedly shredded and sold to CHINA so they could make more junk and sell it back to us...             

                           

 

                             WHAT A DEAL!!!                                                                  



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11/6/09 12:32pm - Reply: 'Another Cash for Clunker Thought'
F4Gary Gold Member
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Grapevine, TX - USA

Vette(s):
1972 LT-1 convertible with factory air.

Joined: 8/26/2006
Posts: 862
Here's the list (from another board):

1611 Mustangs were turned in including an SVT Cobra. One of the Mustangs was an '08!

1 Bently Continental R, Maserati Quattroport, Astin Martin DB7 Volante.

3000+ Thunderbirds including an '05 two-seater.

A pair of Roush-prepped Stage 3 F150's and A Pair of Foose-prepped F150's.

131 Corvettes including 35 convertibles (will somebody record the VIN's for posterity at the museum in Bowling Green).

1000 Camaros from 84 to 2000.

1 20th Anniversary Trans AM.

61 rare and desirable 1988 Fieros.

An the heartbreak for me:
1 1987 Buick Grand National GNX. 1 of 547 produced in association with ASC/McLaren. The very last of the Grand Nationals. The Darth Vader car was considered the fastest U.S. car to ever come off an assembly line.



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11/11/09 8:56pm - Reply: 'Another Cash for Clunker Thought'
steves74 Lifetime Member
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Klamath Falls, OR - USA

Vette(s):
74 coupe 4 speed 350, 54K actual miles, all original; paint, interior, engine, split bumper. #'s match. 2nd owner, no stress cracks.

Joined: 2/1/2006
Posts: 1059
Is it really true about the $4500 being taxable.  The reason I ask, is that I almost bought a new car thru this program but chickened out at the last minute.  Have to admit it was real tempting.  I asked the dealer about if the $4500 was taxable and he didn't know.




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Steve, Lifetime Member #129

74 coupe 4 speed 350, 54K actual miles,
all original; paint, interior, engine,
split  bumper. #'s match. 2nd owner, no stress cracks.
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11/15/09 6:43pm - Reply: 'Another Cash for Clunker Thought'
suncountry Lifetime Member
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Moses Lake, WA - USA

Vette(s):
1976 L48 4-spd, Mahogany Metalic exterior, Buckskin interior 350ci/350hp, 3rd owner, fiberglass spring, 255/50-16's Torq-Thrust II

Joined: 4/16/2005
Posts: 2134
Ok don't beat meOuch please. I am going to come out of the closet. I don't agree with all the stimulus handouts one bit but did take advantage of Clunker program. Figured if I didn't do it some one else will. I don't think the Ford Aerostar would become a collector any time soon and with it all beat up might be worth $500. My daughters boy friend who works at the dealer where we did the deal said they all most couldn't get it started to destroy the motor.
 
I am at the income level where all the government does is take my money. I can't even get any help for my daughters college expenses. I my case it made sense to do it. With my daughter heading across the state to go to college I didn't want to worry about her car breaking down on her drives home through the mountains. So here is the deal, my daughter gets a new car, I get rid of the beater, between the clunker, selling her car and 0% interest through Toyota her payment is about $125 a month for 5 years. She also now can start establishing credit. Yes I knew going in that I would have to pay taxes on the $4500.
 
With all that being said I think the government has totally missed the boat on how to stimulate the economy. I say spend the money on large infrastructure projects, like communication systems, transportation systems, power transmission ect. It puts the construction workers to work, equipment mfg to work, service sectors to work and it will make our businesses more efficient so we can compete on a global bases.
 
But hay what do I know other than I am stuck with one heck of a tax liability.Cry


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C3VR Lifetime Member #110 We are all young at heart Glen
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