1. It allows people that probably don't need or can't afford a new car to buy one.
2. It crushes — literally — perfectly good automobiles that are usually bought by low-income families that need a car, or high school and college students. These groups can't afford new cars, so where are they going to get the used cars? The used cars that are available will be newer and more expensive.
3. It hurts the auto parts industry and your local mechanic. They made money providing parts to help people fix older cars and for providing services.
4. It costs a bunch of money from you and me.
I think Pres. Obama is a man in a hurry, and the items on his agenda are being pushed through with little thought to the repercussions or fallout. Congress and the president need to slow down, take a deep breath and think things through.