With the Coronavirus currently bugging the world population because of its unprecedented spread, many business, including the automotive industry has been greatly affected as production has been temporarily halted and demand has been declining.
Due to these problems, Ford’s Vice President of U.S. Marketing, Sales and Service, Mark LaNeve is planning to propose a ‘Cash for Clunkers’ scheme that would not only help the automotive industry recover from this crisis but would also help the economy stabalize.
“We think some level of stimulus somewhere on the other sided of this would help not only the auto industry and our dealers, which are a huge part of our overall economy, but will help the customers as well… We’re in discussions about what would be the most appropriate,” LaNeve stated in a recent Bloomberg interview.
“Cash for clunkers” were first implemented in 2009 and old cars were turned in to some car dealers and a great number of rebates are handed out to provide a much efficient cars to customers.
“Cash for clunkers was very effective at that time. It would be nice to think we could have something equally as effective for 2020 when we get out of this because it was great program,” LaNeve added.
Although some are not in favor of this system because classic cars would be affected and the value of those old cars are not properly appreciated for its true worth.