Cash For Clunkers Leading to More Car Insurance Expenses
Sunday, July 12th, 2009The celebrated Car Allowance Rebate System is starting to show the fine prints which most motorists failed to look at. There are some small bits of highlights that people have forgotten to look into and this includes the higher rates for car insurance.
Apparently, when this CARS program was signed into law, much of the focus was into the amount they could get for their old cars. However, insurance premiums were not even considered nor mentioned by most motorists. The only thing that mattered was the savings they can get from the new car which incidentally was way off compared to an actual trade-in.
There had to be a catch and unfortunately this is one of them. Assuming you get the whole $4,500 rebate, you are still not getting the right value for your car. So as a wise motorist, why would you bite? Rather than spend on a new car, you are perhaps better off with your old one and with nothing to worry about.
Keep in mind that in whatever good deal you seem to get into, read everything to the last letter. Some may be aware while others are not. Just be wise on car buying choices. It may place you in a worse bind than when you simply had a functioning car which could be better compared to sacrificing the actual value it has over the market.
(Source) Press
Tags: bind, car allowance, car insurance, choices, Insurance, insurance expenses, insurance premiums, motorists, new car, old cars, rebate system