Cash for Clunkers “stimulated” demand for new cars in the manner of digging holes – and then filling them up again. It reduced the available supply of good used cars – by paying people to throw away perfectly good used cars. Something similar is under way right now, but it’s subtler and so most people haven’t noticed it yet. Unless they’ve begun shopping around for a used car. If they have, they will have noticed an uptick in used car prices; that certain makes/models – and years – are not holding their value but gaining it. That is contrary to...
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