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Hyundai kicks off ‘cash for clunkers’ three weeks early

07/03/2009, 10:22 AM

By Drew Johnson

Hyundai has been one of the most innovative car companies over the last year or so — from its Hyundai Assurance program to its latest $1.49 gas promo – and will continue that trend with its latest sales tactic. The government’s Car Allowance Rebate System (CARS) – better known as ‘cash for clunkers’ – doesn’t actually take effect until July 23rd, but Hyundai has already begun accepting eligible clunker trade-ins.

Alexandria Hyundai in Alexandria, Virginia was the first Hyundai dealer in the nation to accept a clunker trade-in, taking Katherine Michon’s 1995 Ford Explorer. Michon traded in her 15 mpg Explorer for a 26 mpg Hyundai Elantra Touring, netting her $4,500 cash back.

Hyundai decided to offer its own CARS program during the interim period after a May study revealed 11 percent of buyers were holding back on a new vehicle purchase until a scrappage plan was put into place. “We appreciate what Washington has done getting the program completed, but it’s clear that the wait has left many potential car-buyers on the sidelines,” said John Krafcik, president and CEO, Hyundai Motor America. “We thought it was imperative to get funding to our dealers so that they could implement the program right away and satisfy the demand they’ve been hearing from consumers.”

Like the CARS program, Hyundai will offer new car buyers $4,500 or $3,500 for eligible clunker trade-ins.

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07/03, 10:38 AM

posted by:

mayer_ray_nagin

I had a good long look at a Genesis sedan yesterday. My first good long look. Gotta, I came away less than impressed. The interior was fine, but something about the outside (it may have been that light greenish metallic paint) made the thing look cheap as hell.

Now, as for cash for clunkers, the details of this plan are so bad as to make it worthless other than being a payoff to just a few people. Like the article says, some probable buyers are just waiting a bit to see if they can score. They’d have bought anyway, but now Uncle Sugar is putting cash on the hood too, but at your an my expense. But a probable buyer like me who could maybe pull in his purchase from 2010 to late 2009 won’t waste his time because I’d have to step into a POS Elantra or a hybrid (which I do not want), but the probable car I’d get which would yield maybe an 8mpg increase doesn’t qualify. That’s why the estimates are that only 1 in 4 of the dollars wasted on this government program will go toward additional new car purchases – the effect will be negligible at best.

Because Uncle Sugar hates people like me, I think a lot of us are just going to drive what we got and not do a damned thing to stimulate the economy until the crap-äss government gets the hell out of it and out of our lives.

07/03, 10:54 AM

posted by:

johnnycanuck

mayer-ray, I dare you to walk back into that dealership in full Klingon battle gear and demand they turn over the Genesis device.

07/03, 11:12 AM

posted by:

mayer_ray_nagin

That’s what I did, Johnny.

07/03, 12:43 PM

posted by:

elviososa

I think my old Lexus is still worth much more than ($4500 or) any Hyundai….so I guess this program doesn’t work for me.

07/03, 12:59 PM

posted by:

orangecones

My old car that needs to be scrapped is actually rated 18 city, 21 hwy, 19 combined……so I missed the boat on that one. Thats almost too bad because my dad really wants a new Sonata

07/03, 1:25 PM

posted by:

A4

elviososa… i think they give you $4500 in ADDITION to the value of your trade in. Correct me if I’m wrong though.

07/03, 1:35 PM

posted by:

orangecones

A4, you are wrong. All you get is the $4500 because the car will get scrapped, the dealer won’t resell it and turn a profit, therefore they cannot offer you a fair trade in value + $4500.

07/03, 1:46 PM

posted by:

snoogah

i work in alexandria and i think i saw that lady in the elantra touring on my way home a few days ago

07/03, 3:13 PM

posted by:

elviososa

No, A4 you are wrong…the dealer have to scrap the car after the trade-in in order to get the $4500 from the Uncle Sam.

07/03, 3:35 PM

posted by:

leftwingagenda

yup, not an additional 4500, it’s 4500 total… that’d be amazing…i already feel like an idiot for selling off a ‘98 civic to a co-worker for 3500, i could’ve kept it another year and got a nice 4500 buck check…although come to think of it, if i sold it for 3500 and had bought ford stock at the time, i’d have over 10k in stock instead of a new car loan to pay down…hehe

07/03, 4:31 PM

posted by:

The_Fez

So I guess my eighteen year old Toyota that gets 30 MPG doesn’t qualify.

07/03, 7:45 PM

posted by:

jdasch1

My daughters boyfriend just found out his 95 Explorer has a bad tranny….tranny is worth what the car is fixed, so the SUV is now worth….$4500! He’s now waiting for the program to start so he can buy a new Fusion Sport. It’s a great program for this kind of situation…piece of crap car gets scrapped, new “non-bailout” car gets sold….taxpayer happy…he is a taxpayer anyway, thats good.

07/03, 8:13 PM

posted by:

zoomzoomer

leftwingagenda.. I don’t think your Civic would qualify because the only clunkers the Govt will accept have to have combined city/hwy MPG below 18.. pretty much disqualifying any non-truck Honda of any age.

07/03, 10:36 PM

posted by:

elviososa

so your boyfriend is lucky then, jd

07/03, 10:38 PM

posted by:

elviososa

Oops….^ your daughter’s boyfriend…that is

07/04, 7:15 AM

posted by:

West Ryder Lunatic

Thats the Worst Name for a scheme i’ve ever heard.

07/05, 7:01 PM

posted by:

CP1

“I think my old Lexus is still worth much more than ($4500 or) any Hyundai….so I guess this program doesn’t work for me.” – elviososa

*************
According to KBB, the 2009 Genesis is expected to retain a higher percentage of its value than the 2009 Lexus GS (and considerably more than the Infiniti M).

07/06, 11:18 AM

posted by:

Need more oil for GM

Any import is a clunker from the day it gets driven off the lot. GM vehicles do not qualify unless they are older than 1990 and owners have nearly a million miles

GM An American Revolution

07/06, 4:09 PM

posted by:

beatusmongous

My uncle should trade his Exploder in. His was a salvage vehicle, rebuilt after a major wreck, and that thing is in horrible shape. Of course, it doesn’t help that he doesn’t know how to drive…

But still, out of all the cars my family has, the only one that qualifies and would be worth the money is that Exploder of my uncle’s. The others either don’t make the MPG cut, or are worth far more than $4,500 to be considered.

07/06, 5:53 PM

posted by:

armstealer

The only question that concerns me is: What about cars that are worth more than $4500? Are the dealers going to be able to buy “some” trade-ins, or are they gonna say “sorry, the federal government says we have to scrap your $10,000 car, so we can only give you $4500″?

07/07, 2:26 PM

posted by:

BahamaTodd

If your car is worth more than $4500 then obviously you wouldn’t want to participate in this program. Your dealer can still take in your car as a regular trade. It would be crazy for them to give that up – used cars sales bring dealers much of their profits.

07/07, 7:32 PM

posted by:

coolhandluke

I was out looking for a car and the dealers told me to check out the net for info. I ended up finding a site where a guy is writing about using the cash for clunkers to buy a new vehicle. He also tells you everything you need to know. It is at http://www.slickbudget.com if you need any info about it at all. He even had links to value your vehicle.

 
 
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