With the ever-deepening global financial crisis, October auto sales continue to plummet.
Full story here, here and here.
"The automotive market slowdown has entered a new phase," said Edmunds.com Chief Executive Officer Jeremy Anwyl. "Instead of looking for reasons to buy, consumers have completely abandoned the new car market as a result of poor economic conditions."
Here's AutoObserver's take: October Sales Remain in Freefall; Zero-Interest Financing Provides Little Lift
Image: Richard Drew Associated Press
ateixeira says:
11:10 AM, 10/10/08
Ford is near $2 per, wow.
I ought to buy 100 shares just for the heck of it, and check back in 10 years.
estreka says:
01:44 PM, 10/10/08
Oh sure, Ford's 71% drop from the $7 average last year is significant, but look at GM's 86% drop from last year's $35 average.
Better yet, look at AIG's 97% drop. And that's a company that's backed with the full faith and credit of the federal government!
firstwagon says:
04:59 PM, 10/10/08
The trick is the decide where the bottom is.
I remember a wise man saying millionaires are made on booms but billionaires are made on busts.
Pick a company that isn't going to go under and profit off all the morons who are out there panic selling.
brn says:
12:25 PM, 10/11/08
FW is dead on. Buy low. If only I were smart enough to know when it's lowest.