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Rising old used car prices help push poor Americans over the edge
- brudgers 7y agoThe article ignores the effect of 'Cash for Clunkers'. It took 680,000 running vehicles out of the market. All these were worth less than $5000 to the people who owned them. The owners were all people able to buy (or five year lease) a new vehicle despite dire economic circumstances and tight credit market in summer 2009. Because the program destroyed the vehicles it accepted and because those cars were running, there are fewer donor cars to maintain or rehabilitate the 'clunkers' that remain.