For the big six automakers, September 2008 was a month that couldn't have ended soon enough. It was bad, folks. Really bad. First it was the fuel crisis, and then a sucker punch better known as the financial and credit debacle was all it took for it to get Quasimodo-like ugly. In fact this was the first time in more than 15 years that fewer than 1 million units were sold.
CNW Research said in an e-mail report that "during the final 10 days of September, floor traffic (in auto dealerships) fell more than 50 percent versus a year ago -- the worst showing since CNW began keeping track in 1986." CNW Research's Art Spinella said, "Manufacturer incentives aren't pulling in the crowds."
And I suspect it may get worse. Speaking as someone who may very well be forced into the car market because of my recent accident -- I haven't a clue as to what I'm going to do if that comes to pass. The credit situation is so screwed up, I don't know if I will be able to qualify for a car loan; and if I do, what sort of strings are going to be attached to the loan agreement? Will I be able to get the loan amount that I want/need? Will I be forced into buying something I really don't want?
Now just imagine a nation of car buyers who are in similar shoes that I'm wearing. Nope, the future looks pretty grim for carmakers for some time to come.
Here's AutoObserver's take: Credit Crisis Plunges September Auto Sales to Uncharted Depths
Here's Inside Line's take: Ford Posts 34 Percent Drop in September Sales
brn says:
06:08 AM, 10/ 2/08
Nissan was the big winner last month and the big loser this month. Interesting.
bepperb says:
06:25 AM, 10/ 2/08
I can get a new car loan easily, from the dealer through the manufacturer for 0 to 3.9%. But buying a used car now is impossible. The lowest I could find even on the internet was 6.9%, and my bank was over 8. And for either of those, I had to buy from a manufacturer franchised dealership. Yeah. Buying a used car now is impossible. Buying new is a buyer's market.
bepperb says:
06:26 AM, 10/ 2/08
I can get a new car loan easily, from the dealer through the manufacturer for 0 to 3.9%. But buying a used car now is impossible. The lowest I could find even on the internet was 6.9%, and my bank was over 8. And for either of those, I had to buy from a manufacturer franchised dealership. Yeah. Buying a used car now is impossible. Buying new is a buyer's market.
ateixeira says:
02:05 PM, 10/ 2/08
Honey, we lost the loan!
hondacura4 says:
03:35 PM, 10/ 2/08
American Honda year-to-date sales of 1,180,583 represent a 1.1 percent decrease.
albook says:
04:39 PM, 10/ 2/08
New trend? GM seems to slowly be back on its way to profitability. For once its sales weren't down as much as the imports- in fact nowhere near as off.
It looks like Ford is gasping for air. And it seems like it's finally catching up to Honda that they haven't had a decent redesign since the Civic.