You know Obama will sign it, so another $2 billion has been approved until Labor Day.
It seems like a huge waste to me, not only of money but also having to scrap and crush the old cars traded in along with their engines and transmissions.
Subsidizing us in buying new cars is just an indirect giveaway to the automakers so they can sell more new cars, IMO.
Consider the relative cost of buying a brand new car versus one that is just a year old. I think that most new cars depreciate more than $3500 to $4500 in the first year, and you would still get something if you sold your old car yourself anyway, so buying a one year old used car still probably makes more economic sense. Also consider the fact that there is often quite a bit of negotiating room between the sticker price and the dealer's cost on the price of a brand new car and that the money is given directly to the dealers.