Lets look at this. Worst case scenerio.
2001 ST 4x2, poor condition, manual tranny, 200,000 miles.
Trade-in value is $3,075.00.
Lets say the owner actually took care of it.
2001 ST 4x4, good condition. Average mileage of 15K/year Automatic, bed extender, t-cover, etc.
Trade-in value is "clean" $6,400. "Rough" trade-in is $4,900.00
Average out between the two, and we are looking at a vehicle that could have been sold on a retail lot at about $6,000 and the owner could have traded it in for much more than $4,500.00.
As I said before, this Cash For Clunkers "deal" is like zero percent interest. It might sound good, but for the majority of people that participate in it, end up losing money on the deal.
Tom