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.
3 Steps Every Car Buyer Needs to Take to Save Maximum MoneyThe key to getting the best deal is to gather price or lease bids from as many local dealers as possible. Then shop that best price around until no one can beat it. Here are the steps:
Step 1 Get Prices From My Trusted NetworkSelect the vehicle you're interested in to see if there are local dealers in my network who will provide you with their best upfront price. You will get direct access to an internet sales manager who you can further negotiate with online (no need to visit dealership).
Step 2 Get Prices From TrueCar / CarsDirectTrueCar, and CarsDirect are my top 2 online price quote recommendations. These services show you pre-negotiated prices from dealers closest to you - and the deals are usually pretty decent. But remember, you can still negotiate further.
Step 3 Complete my ChecklistFollow 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