Everyone with a brain knew what would happen. Unfortunately, those controlling Washington, D.C. these days are of questionable intelligence.
What am I talking about? Obama’s ‘brilliant’ Cash-for-Clunkers program.
Now, let us not even debate whether the program was stimulative; I don’t think it was, the White House disagrees, and we both have evidence to prove otherwise. Let us leave that debate alone.
But one thing is for certain: the effect on the used car market today. According to Edmunds.com, used car prices have skyrocketed over the past year, the most since the value of the market was being monitored. On average, a used car costs 10.3% (or about $1,800) more today than a year ago.
Why?
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