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Buy a Car, Get a Check? From Uncle Sam?

New program would aim to spur sales of fuel-efficient new cars.

by on Feb.05, 2009

Can tax breaks boost car sales?

Can tax breaks boost car sales?

With sales of new cars and trucks dropping 37 percent in January, carmakers and legislators are looking at ways to boost sales, perhaps by offering consumers tax breaks to purchase new cars or trucks.

Though most analysts were discouraged by January’s dismal numbers, Ford president Mark Fields actually said he was encouraged by the automaker’s retail sales figures, which saw Ford’s market share increase for the fourth consecutive month. Fields also said that the market should benefit from the economic stimulus proposed by the Obama administration.

“You’re seeing all the action that Treasury and the Fed have taken in the past six months to put liquidity into the market place,” said Fields “That’s up to $900 billion and there obviously is going to be something in there (the proposed stimulus bill) for construction and consumer spending and that’s encouraging,” he said.