Even as a non-driver, I can’t seem to escape the buzz around Cash for Clunkers program, encouraging motorists to take a rebate for their fuel inefficient vehicles and thinning car inventories. But already interest in the program has fallen off, according to the Wall Street Journal.
Wisebread had a neat take on the buzz around the program with an article last week about why to hang on to your clunker. The article gives five reasons to hold off on a trip to the car salesman. It says, in summary:
Before you send your usable car to its grave through this program, you should definitely consider how much you are really saving after insurance costs and other various fees. If your current car still has plenty of life in it, then it is probably more economical to use it until it dies and save your money in assets that appreciate.
(Or, you could always dump your clunker for good and pick up a bike! After all, it’s the carbon-neutral and sexy thing to do.)
Hankinsense is a blog about life and money by Kellen Henry. It's the spare change dish of my life post-grad school in a lousy economy, in a struggling industry.
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