"Rich" people don't have "clunkers." However, I see no problem getting some of my money back from the extra taxes I have to pay because 47% of Americans do not pay taxes. I'm surprised they allow individuals with higher incomes to qualify for the deal. When they did this in Texas, I believe only people under $45K income could qualify for the $3000 rebate.
Don't overgeneralize. Many rich people got rich because they don't waste money in the first place, and those habits continue even after they become wealthy. They may start small businesses, manage cash flow carefully so those businesses grow and survive tough times, conserve their personal finances, don't overspend on houses or cars, and that's how they become, and stay, rich. The founder of Novel was a billionaire. He lived in a modest 2500 square foot house and drove a cheap car. He flew commercial, and not first class either.
No matter how much income you have, if you overspend you become poor. Look at Michael Jackson. His income from just the Beatles music he bought was something like $20 million per year. He had assets worth half a billion dollars by some estimates. But he spent so much money, millions in a single shopping spree sometimes, he was far, far underwater in debt by the time he died. It will take a decade to unravel it.
My bad. Did not know about the ownership period rule.
I’m frankly surprised the plan is so popular then. It’s like offering a large sum of cash as a downpayment for a Porsche, but to qualify you have to be destitute and unemployed.