Subsidizing the price of new cars will collapse the prices of used cars. They really are clueless. Including the Republicans. Collapsing the value of used cars will cause more people to be “upside down” in their car loans or leases, which will cause more problems for the banking and finance companies.
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Looking at the details, the “voucher” only applies if the vehicle being traded in is currently registered and insured, and is sent to be crushed, and gets less than 18 mpg. This is really just a program that has already been going on quietly to buy up old used cars and send them to the landfill to cut down on pollution.
Few cars have gotten worse than 18 mpg in at least the last 15 years – so most of the eligible vehicles are going to be old pickup trucks.
“Saving 250 million gallons of gasoline” will cost $4 Billion in money we have to borrow. That works out to $16/gallon. No wonder market forces haven’t done this already. Grinding up functioning cars before they die destroys wealth, not creates it: See Broken Window Fallacy