CARS: Real World Scenario 1

1. Old Car: Infiniti J30t 1994
Current Trade In Value for Fair Condition: $800 (Even Excellent is $1550)
Private Party value is $2060
Source: http://www.kbb.com/

2. The CARS program will give $4500 for this car + $ 3250 Nissan Discount + $2300 Tax credit + $1000(Sales Tax Program)

3. The car gives 16 MPG. A new Nissan Altima Hybrid will give 34 MPG.

4. If a person drives 1200 miles in a month, he will use 75 gallons of gas, that means 75 *3=$225 (For infiniti)
In Nissan Altima, person would use only 35 gallons i.e. 35*3=$105
Monthly saving = $120

5. Also the person would spend around $600 a year on fixes to old car. Total savings, therefore are $170 a month if person trades in Infiniti with Hybrid Altima.

$170 a month is approximately 12K of Loan.

This is a Good Deal