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Everyone knows that killing a hangover with hair of the dog is an impermanent solution at best, but that’s just what Britain’s government has done. With the British version of Cash for Clunkers winding down early, Business Secretary Peter Mandelson has extended the scheme by an extra £100 million ($160 million), which should be good for another 100,000 car sales. And then what? British car output fell almost a third year-on-year in August, which indicates that the hangover at the end of the latest extension should be a nasty one. The US should know the extent of its own clunker hangover in a few days when September sales are released. Here’s hoping our leaders just pop an aspirin and watch cartoons until they’re feeling better.
4 Comments on “UK Succumbs to Clunker Hangover...”
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Ironically, checked out a Mazda5 yesterday. Inventory shot across the NW region- the lease I was offered (considering it was supposed to be a “deal”) was outrageous. They even had adjusted market value of 2g attached to the stickers. Guess we’ll wait until November. I’m still shocked since we didn’t perceive the “shark swarm” during the visit.(received #s via email)
WOW — 11.5% APR lease rate, 5,000 miles/year allowance and USD $0.10 per mile overage? Makes the US car market look pretty attractive. Oh, don’t forget the $6.00/gallon petrol cost.
Twotone
Car sales in the UK are unconnected to production as the majority of vehicles built in the UK are for export – and with the German and other schemes stopping UK production was certain to slow. Obviously, the reverse is also true – most cars sold in the UK are imported.
As for increasing the money available, the original bundle was expected to run out around Feb/March next year, this extra cash should prolong it……. maybe to the general election which has to happen before June next year. Co-incidence maybe?
It has really all gotten to be a bit too much – watching our government and theirs willingly and incompetently spending us and indebting us to the tune of trillions, enabling the wealthiest to continue fraud that led to this mess to begin with.
The road to hell is paved with good intentions.