I have to admit, I once bought a new car. I was in my mid-20s. I had no children. I still didn’t know the fun of a mortgage. The car was blisteringly fast and I like cars which go fast. So I bought one fresh and new. I shouldn’t have.
Basically Chrysler should be JEEP. An that’s about it. Maybe the Ram Trucks brand too. That’s all Fiat wants and it’s all the world wants.
Earlier this year the Treasury decided to sell off the remaining position it (and the taxpayers) had in Government Motors at a $10 billion loss.
Much has been made of Tesla’s repayment of its DOE loan. There has been much crowing. Finally a DOE loan which didn’t implode into a black hole. And we are very happy that the loan has been paid back, and ahead of schedule.
Everyone wants a piece of the taxpayer funded pie. The inventor of “The Whisper,” an inflatable car is no different. When billions were handed out from the Obama administration for “green” vehicles in the Whisper project (now updated as an SUV) was not picked up for funding. Now the inventor is miffed.
The average annual household income for those who live in the Washington DC area is $86,680. And this is factoring some of the “less wealthy” counties of the region too. Loudoun County, just to my north averages over $120,000/household/year. It’s the wealthiest county in the United States largely because it is filled to the brim with government employees and military contractors. In years past one would have expected the wealthiest areas of the country to be populated by captains of industry, but no longer. Government is the route to riches for more and more people these days
I am a big fan of used cars generally. I just can’t bring myself to buy a new one given the immediate depreciation which occurs once I wave goodbye to the salesman. It’s just too painful for me. I prefer to buy my cars used.
Toyota just paid $1.1 billion to settle lawsuits alleging random acceleration problems in its cars. The allegations were, and are essentially false. But, Toyota paid out because it knew it had to, to move on. A giant speeding ticket to the government. (And Toyota wasn’t even speeding.)
Peter Schweizer reports in the Washington Times, that as bad as many believe the auto bailout was, it is likely worse than they imagine.