For me the program does not work. To enter into a credit agreement for two or three years is not worth it under these economic conditions. I am not willing to pay full coverage on insurance or an exorbitant amount of money at the DMV for license renewal every year for the next few years on a new car. It’s not worth it to me. I’ll keep my paid-for clunker and pay less in insurance and license fees. When and if I trade it in I will purchase a pre-owned car — one that was probably repossessed — with all of the bells and whistles of the old one for a lot less money some time next year.

Having read a few comments on message boards around the net and particularly on CNN’s iReports, folks are already having misgivings. Some purchased cars not realizing their credit was not up to par and in the heat of the moment signed for long repayment plans at high interest rates for cars they weren’t really passionate about. When the smell of the carcinogens finally subsides, the reality is they are now paying more per month than they were when they were hanging in there with the old clunker and that’s an uneasy feeling if your job is shaky and you’re struggling to make ends meet.