Germany saw new car sales shoot up 40 percent this year after its government passed a law giving new car buyers a credit worth about $3,000 on their old gas guzzlers.
Now our congress is thinking about doing the same. The most promising “cash for clunkers” proposal being talked about in Washington D.C. is an initiative from representative Betty Sutton of Ohio, that according to the Wall Street Journal would allow business to receive a $5,000 credit when they trade in a work truck so long as the new truck is cleaner running than the old truck and the new truck is registered in the name of the business.
A lot of the discussion right now is focused on whether the credits should be used only for U.S. manufactured vehicles or to allow foreign-made cars and trucks to qualify as well. Either way, a deal with zero percent financing and a $4,000 or $5,000 credit may be too good to pass up.