Tom Libby with J.D. Power and Associates indicated Monday that November automobile sales in the U.S. will probably fall sharply due to the sagging economy and the state of all three U.S. automakers (possible bankruptcies or other maladies). In fact, the CEOs of the big three are on Capitol Hill today to try again for a $25 billion aid package lest they fail and fall hard.But the November sales hit won't just be affecting the three U.S.-based automakers. The Japanese automakers are also set to see a sales shortfall due to tighter credit standards and lower consumer confidence in the economy. Libby indicated that sales at all the major automakers would fall at least 10% in November. During December and the end of the model year, expect to see the best bargains yet if you're planning an auto purchase.
Bloomberg News' survey of 26 analysts and economists also indicated that a seasonally adjusted sales rate of just 11 million automobiles were sold in November, down a full 32% from the same month in November when gas prices were much higher but the perception of the U.S. economy was not in the toilet yet. Have you bought a car -- any car -- recently? What kind of deal or incentive did the exasperated dealer give you to move anything out of inventory? Let me know in comments below.
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Reader Comments (Page 1 of 1)
12-05-2008 @ 7:04PM
T. ST. CLAIR said...
THE BIG THREE WOULD BE IN MUCH BETTER SHAPE TODAY IF THEY HAD HAD SMARTER CONTRACT NEGOATORS YEARS AGO. THEY GAVE AWAY THE FARM TO THE UAW A LONG TIME AGO AND NOW THEY ARE SUFFERING FOR IT.