Car Shoppers Should Take Advantage of Low September Sales
Demand has been falling in the U.S. since 2007, thanks to the recession. In 2008, the sales rate for automobiles was at 13.2 million units - down from the previous year's rate of 16.2 million.
2009 has taken the plunge even further. For most of the year, demand has been hovering in the 10 million range. Even the Cash-for-Clunkers program couldn't save it - it boosted the sales rate up to only 13.7 million in August.
Now that Cash-for-Clunkers is over, fewer buyers are purchasing cars. Demand already plummeted to 8.9 million in the beginning of September, and the trend is only continuing.
While this is bad news for dealers, buyers have a lot to look forward to in the coming months.
Average prices for automobiles have already fallen from $1,494 to $1,303 since Cash-for-Clunkers ended. Car makers have increased production to make up for the depleted inventories due to the government program.
If the trend continues, there's going to be too many vehicles on dealer lots again. Expect incentives to go up as well as deal making starting in October.
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