New Car Sales Down 34% in May
Ford, GM, and BMW did better than expected while others such as Toyota and Honda continued their poor performance.
Some industry analysts are starting to call a bottom in sales. We're not so sure. The stock market has seen a huge gain of 40% in the last couple of months. Historically, there's a strong correlation between the stock market and car sales.
This may have helped drive sales in the last couple of months, but many feel the stock market is due for another big correction. How that will affect car sales is unknown, but it certainly won't help. Furthermore, unemployment is still climbing and will be over 10% by the end of the year. Whether or not car sales have hit a bottom, the recovery is sure to be slow.
Here's how each manufacturer did in May 2009 compared to the same time last year:
With car sales still in the dumps, dealers are desperate for more customers. It's a buyer's market right now.
My Recommendation for Car ShoppersTrueCar No-Haggle, CarsDirect, and NADAGuides are the quickest way to see the lowest car prices in your area. These sites show you no-haggle prices from dealers closest to you - and the deals are usually really good. This should be the first step you take when negotiating your car price. Follow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid