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Ari Weinberg
FiLife Contributor

Ari Weinberg asked 10 months ago in Car Loans

Will the Obama plan encourage you to buy a different car?

Soaring oil prices in the summer of 2008 delivered a real scare to American drivers. A gallon of regular gasoline peaked at $4.05 per gallon in July. Though prices have dropped significantly since then to $1.77 as of January 12, the return of higher prices would put another pinch on an already reeling economy.

The Obama administration wants to cut oil consumption by:
• Increasing fuel economy standards.
• Getting one million plug-in hybrids on the road by 2015.
• Offering a $7,000 tax credit for buying advanced vehicles.

Everyone wants better gas mileage and/or hybrid cars. The only problem – the government doesn’t make cars. With U.S. automakers on the ropes and even the healthiest foreign manufacturers cutting back, Obama’s plan may be more wishful thinking than actionable plan.

What would most compel you to hop into a hybrid? Are there other options that the plan doesn’t consider? Are you driving less, even with lower gas prices?

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Dominic Preuss
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Not for those of us that haven't owned a car in a while and use public transportation.

I don't understand the need for some of the larger SUVs. The smaller one are great for families, but who really needs a Suburban or a Tahoe.

We had a similar credit at my last job that paid workers $5000 to buy a hybrid and most people bought hybrids for the free cash. I hope this Obama credit will have the same effect.

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