GM, Ford Sales Slump - Better Deals?
Manufacturers and dealers are officially starting to worry about weakness in car sales. Last month marked the seventh consecutive monthly decline in sales volume, even as incentives have been climbing.
Overall car sales dropped by nearly 7% last month compared to the year-ago period. Passenger car sales fell a whopping 15%, as car shoppers continued to pile into SUVs and pickup trucks. But even those popular segments fell by nearly 2% last month.
GM and Ford have been hit particularly hard - with GM sales down by 15% - (with Buick down over 30%, and Cadillac down nearly 22%). Ford sales were down by 7.6%.
Hyundai has also lost its luster, with sales down 30% (but much of that is due to lower fleet sales to rental agencies).
So, what does all this mean for new car shoppers? Well, incentives are mainly driven by car sales and inventory levels. The longer this sales decline keeps going, the more inventory will build up - unless manufacturers cut back on production. But sooner or later, we're going to see a major manufacturer pile on incentives to move units quickly, and when/if that happens, other brands will usually follow.
If you have the time and patience, and as long as the vehicle you're interested in is in good supply, it may be worth your while to wait until end of fall or end of the year before purchasing, as deals may get even better. I will keep my readers posted of new deals in the meantime.
As always, I recommend using TrueCar No Haggle and CarsDirect to see the lowest prices your local dealers are willing to offer.
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 AuthorGregg 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
- Top 100 Cheapest New Cars for 2023 Jun 01, 2023
- Best Car Deals Around the Country Jun 01, 2023
- Real Prices of New Compact SUVs Jun 01, 2023
- Cheapest Luxury Lease Deals Jun 01, 2023
- Best Memorial Day Car Deals May 25, 2023
- Best Car Deals by Category May 25, 2023
- Worst Cars to Lease Right Now May 25, 2023
- Real Prices of Midsize SUVs May 25, 2023
- Top 100 Cheapest Lease Deals May 18, 2023
- Cars With the Largest Rebates May 18, 2023
- Real Prices of Large SUVs May 18, 2023
- New Cars You Should Wait to Buy May 18, 2023
- Best Bang for Your Buck Lease Deals May 11, 2023
- Best Electric, Hybrid Lease Deals May 11, 2023
- New Cars with the Most Available Inventory May 11, 2023
- Real Prices of Pickup Trucks May 11, 2023
- Best 0% Finance Deals May 2023 May 04, 2023
- Biggest Discounts on New Cars May 04, 2023
- Price Comparison of Subcompact SUVs May 04, 2023
- Lease Deals with Loyalty & Conquest Rebates May 04, 2023