Car Sales Hit 15 Month High in August
1.26 million car shoppers purchased a new car last month, making it the best sales period in 15 months.
This wasn't surprising considering the huge success of the "cash for clunkers" program.
What's surprising is that some car makers such as GM and Chrysler actually had a decrease in sales compared to last August.
This is bad news for car makers because now that "cash for clunkers" has ended, sales going forward are expected to be dismill. In fact, September sales may be the worst to come.
Ford was the big winner with an increase in sales of 17% compared to the same time last year. Honda and Toyota weren't far behind with sales increasing 15% and 11% respectively.
Chrysler sales were down nearly 24% while Chevrolet was down nearly 10%. GM and Chrysler weren't able to take advantage of the "cash for clunkers" program partly due to production problems stemming from their bankruptcies.
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- Gregg Fidan
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About: Gregg Fidan
Gregg Fidan is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.
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