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Second Chance Cars. We provide affordable cars to Massachusetts low-income veterans, healthcare workers, and returning citizens

Second Chance Cars

We provide affordable cars to Massachusetts low-income veterans, healthcare workers, and returning citizens .

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2022: A challenging year (and we prevailed!)

January 28, 2022 by Dan

Donor Holly and veteran Shawn right aftre Holly’s mint Pontiac Vibe was awarded to Shawn,

Supply chain issues in 2022 made it harder to get gently used cars donated, and more expensive to fix them. We prevailed and were able to get refugees, returning citizens, veterans and others to work because of our truly generous car donors and an amazing network of community partners.

Our car awardees either got, kept or grew a job with the help of a SCC car.  Below is a summary of the economic impact we had on them.

  • Avg weekly hours worked without a car: 33.3

  • Avg weekly hours worked with a car: 42.1

  • Avg increase in hours of 26.4% → (from 33.3 to 42.1)

  • Avg hr increase per week: 8.8

  • How many individuals increased hours: 53%

  • Avg annual income without car: $27,753.6

  • Avg annual income with car: $43,843.2

  • Annual income gain: $16,089.6

  • Increase avg annual income of: 58% → (from $27,753.6 to $43,843.2)

Note that the most dramatic economic impact we can have is when we move from someone from joblessness (i.e. $0 income) to getting a job.  Unfortunately, the numbers cannot reflect the additional impact we had on applicants that were able to not lose their job due to getting a car!

Every SCC car costs $900 and is worth on average $5200; our buyers get a $900, 0% interest loan and make twelve, $75 monthly payments over one year to pay it off. We underwrite the car loans as our car buyers are overwhelmingly in the subprime category (a credit score of 600 or under) and would otherwise be either unable to get a loan, or could get one at a 10% – 15% interset rate. A review of our loan performance in 2022 shows that our “risky” car buyers are paying back their loans and rebuilding their credit too: Only 2.9% of our buyers missed payments vs the US average of 5.1% (i.e. 45% better) and the payments that they missed totalled only $500 of the $30,000 we underwrote!

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It was incredibly rewarding for me and my family to actually see our old car helping someone else.

SUE, CONCORD

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