1,000 New Reasons to Buy a Hybrid
Here's a bright idea from State Treasurer Alexi Giannoulis - a $1,000 rebate when you buy a hybrid and you get a car loan through a participating financial institution.
26% of Illinois' global warming pollution comes from cars and trucks. To hit the goals science tells us we need to reach, we have to make cars cleaner and encourage people to choose the most efficient car that meets their needs. Now there are $1,000 more reasons for Illinois drivers to make the right car choice.
13 comments:
How idiotic,
If it really were a worthwhile to buy a hybrid, why would anyone need $1000 more from the (nearly insolvent) State to persuade them?
JBP
Let Blagojevich and his friends and family and lobbyists all buy Hybrids instead of SUV's.
I like hybrid cars. But the rebate amount is money that would otherwise come into state coffers to offset state spending.
I think Rep. Black is right, this is bad timing. I note that Giannoulias also announced his same-sex employee benefits during the overtime budget session, another case of bad timing.
The State Treasurer is supposed to invest money. I guess Alexi isn't content with that and wants to join the big boys in giving some away.
I think Illinois will pay out more to fly the Gov back-and-forth to Springfield then will be rebated to anyone under this program.
$1,000? That's a full make up session for Rod.
Great PR stunt by the Treasurer, but it's a pointless policy.
It's shaft too folks too poor to buy new cars.
It's shaft on those who buy used beaters to get to work.
It shows how Dems have become the party of elite issues.
Why does one have to buy a new hybrid?
And why can't one get a rebate when paying cash?
Bill -
That's an interesting point about those too poor to buy a hybrid.
Isn't the real injustice there that automakers are only offering efficient cars at high price points? Those with the least to spend are left with choices that will cost them more every week to fill up.
I am sure there are lots of drivers who would choose a hybrid to lower their fuel costs, but haven't done so b/c of the higher sticker price. Hopefully this rebate, coupled with the federal tax credit, can make hybrids more affordable to those drivers. Then some of the money they are now giving to the oil companies every week will stay in their pocket.
Jack
Bill -
That's an interesting point about those too poor to buy a hybrid.
Isn't the real injustice there that automakers are only offering efficient cars at high price points? Those with the least to spend are left with choices that will cost them more every week to fill up.
I am sure there are lots of drivers who would choose a hybrid to lower their fuel costs, but haven't done so b/c of the higher sticker price. Hopefully this rebate, coupled with the federal tax credit, can make hybrids more affordable to those drivers. Then some of the money they are now giving to the oil companies every week will stay in their pocket.
Jack
Frankly, no it's not.
This is a subsidy to the well-off with the banks taking a cut along the way.
Give a take credit to people below a certain income who buy hybrids during the year.
That would be easy to do, and more socially just than this ploy.
interesting thought is a tax credit to low income folks buying these cars would probably cost a lot more i.e. people would really use it and it would steer choice, as opposed to this plan which I have a feeling won't have much impact.
The one group of consumers who are totally shut out of Giannoulis' plan are those who are wealthy enought to buy cars with cash, since you only get the rebate as part of a car loan. As I understand it, about 30% of Illinois auto purchases are made with cash.
Isn't this rebate helping to level the playing field for those who have to rely on financing to afford a new car?
They can't take the loan, take the rebate, and payoff the loan the next day?
If there is policy worth Illnois intervening, then the just way is to do it with a tax credit to those below a certain income level.
This really just looks like a way for lenders to skim in the name of Green.
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