economic crisis auto industry
economic crisis auto industry
Is There Hope for the Auto Industry Yet?
Every single person on Earth must be aware of the global financial crisis. If you are not up to date on the financial situation then you must have spent the last couple of years on the moon! As a result of the recession many sectors in society have experienced serious setbacks. The vehicle trade is no exception. In fact they are feeling the pinch most of all, with the value of new and used cars plummeting rapidly. This has had a major impact on charities also. Major charites such as Goodwill Industries and The American Red Cross receive much of their income via car donations. These charities are now receiving less money from the sale of donated cars and this is affecting their ability to help those in need.
There is hope for the auto industry yet, however. Some economic experts believe that recession could be over by the end of the year. Many people in the industry feel that although President Obama has not been that successful with his goal of resolving this crisis, the automobile industry will definitely bounce back sooner rather than later.
If you’re wondering how this can benefit you then consider this. If the relative value of new and used cars increases, then charities will be able to sell your car for a much higher price than they presently do. This means that you can claim a bigger tax break as the government has determined that the value of the vehicle will be determined by how much the charity receives through its sale.
There is a lot of hope currently surrounding the automobile industry but no one can say for sure when the economy will recover. Charities seem optimistic and seem sure that vehicle donations will increase in the coming months. If all goes well with the auto companies then people who donate a car in the future are set to see the benefits quite soon.
About the Author
Are you a philanthropist looking for ways to give back to your community? Visit http://www.charitydispatch.com to learn more about how you can do just that by donating your vehicle for a good cause.
Isn’t the governments response to this crisis like adding water to the sinking ship?
As I listen to major economist on the CORE reasons why we are in this current economic crisis I hear the following common threads:
a) Banks made bad loans through poor management.
Obama’s Response: Give money to the Banks
b) The Federal governments debt.
Obama’s response: Add 1-2 Trillion in new debt.
Are we just opening a new hole on an already sinking ship…rather than plugging the REAL holes?
your thoughts please
Don’t get me wrong, I believe President Obama is a good person with good intentions, I don’t believe he wants to hurt the economy but I do question his response to the crisis is too add additional debt and not allowing banks, auto industry’s to fail because of bad decisions.
It seems like we are doing nothing but putting off economic realities
i THINK they want to socialize our government, every past bailout has failed utterly, or stalled the inevitable, but government putting money into the economy despite whatever it reacts like is what communism is all about, government has a hand in everything
Welcome President Stalin…… oh i mean Obama…..
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