New Car Sales Down 34% in May
Car manufacturers reported sales for May and the numbers were dismal as usual. Sales in May totalled 925,000 vehicles, a 34% drop compared to the same time last year. The good news? Sales were up 13% compared to last month and some manufacturers reported their best sales month for the year.
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:
| Make | May Sales |
| Ford | -24% |
| BMW | -27.7% |
| GM | -29.6% |
| Chrysler | -30% |
| Nissan | -33.1% |
| Toyota | -38.4% |
| Honda | -39.2% |
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 Money
The 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 Network
Select 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 / CarsDirect
TrueCar, 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 Checklist
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
About The Author
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.
Latest Weekly Car Buying Tips
February 2023
- Worst Cars to Lease Right Now Feb 02, 2023
- Top 100 Cheapest New Cars Feb 02, 2023
- Real Prices of Compact Cars Feb 02, 2023
- Cheapest Luxury Lease Deals Feb 02, 2023
January 2023
- Best Car Deals Around the Country Jan 26, 2023
- Price Comparison of Subcompact SUVs Jan 26, 2023
- Tesla Drops Prices Up to 30% Jan 26, 2023
- New Cars You Should Wait to Buy Jan 26, 2023
- Top 100 Cheapest Lease Deals Jan 19, 2023
- Best Car Deals by Category Jan 19, 2023
- Cars With the Largest Rebates Jan 19, 2023
- Real Prices of Large SUVs Jan 19, 2023
- New Cars with the Most Available Inventory Jan 12, 2023
- Biggest Discounts on New Cars Jan 12, 2023
- Real Prices of New Compact SUVs Jan 12, 2023
- Real Finance Rates with 750 Credit Score Jan 12, 2023
- Best Bang for Your Buck Lease Deals Jan 05, 2023
- Best Electric, Hybrid Lease Deals Jan 05, 2023
- Best 0% Finance Deals January 2023 Jan 05, 2023
- Real Prices of Midsize SUVs Jan 05, 2023
