Thank you Obama. Just traded my 1997 Jeep Grand Cherokee "Clunker" for a $4,500 discount on a new 2010 Chevy Equinox. I've been looking for a new car since March, prices were discounted big time. I was offered $500 for it back then but knew I could get $1000 min probably $1500 on a private sale since it was in great shape. This new Clunker deal turned the corner for me.
Considering I bought it for $6000 6 years ago and put 80,000 miles on it with no costs other than normal maintenance, I think I got a good deal out of it
I looked at Toyotas, VWs, a few low mile certified BMWs, the Ford Edge, but in the end the boys at GM put out a nice product that averages 25 mpg. In the end I felt guilty going with anything other than an American producer, so this one was for the folks in MI and OH. (Sorry guys but I had to take a pass on the $140,000 Corvette with the $31,000 custom paint job.) By the way, It's been a while since I was in a Chevy dealership and I was impressed with the new Cobalt and Malibu. Moderately priced and real nice looking vehicles that have some great MPG ratings. To say GM has been misfocused on what's marketable, I'd have to disagree.
Another interesting discount....If you can show ownership of another manufacturers car, they include a $1000 "Conquest" discount on top of all of the other discounts they are offering. You don't even have to trade the car/truck.
By the way, if you have the same opportunity, act fast, the dealer I went to already 45 Clunkers in the back of the yard and the program was official as of yesterday. He's been taking the trades for two weeks now. The analysts that watch the auto makers are saying sales are jumping out of the dealerships and the $1B cash will be gone by Labor Day.