Posted on 10/09/2008 9:46:32 AM PDT by springtime4hillary
The global auto market may experience an "outright collapse" in 2009 amid growing concerns around credit availability of credit and general economic stress, an influential industry tracking firm said on Thursday.
J.D. Power and Associates forecast U.S. light vehicle sales would fall to 13.2 million units in 2009 after likely settling at 13.6 million units this year, adding that a pronounced recovery is more than 18 months away.
"While the global automotive industry is clearly experiencing a slowdown in 2008, the global market in 2009 may
(Excerpt) Read more at reuters.com ...
GM’s market cap is now lower than pre-crash 1929. -—CNBC
Yep, a lot of unhappy overspending wives! God help humanity! ;)
Wait’ll black Friday (day after Thanksgiving) and retail sales are putrid.
Then people will riot in the places that were not already destroyed in the post election riots.
Is it on purpose so no more gasoline powered cars?
Obama is giving speech in Dayton, Ohio. GM country.
He’s talking about jobs! LOL
We used to have 12 GM plants. At the end of the year it’ll be down to one!
Where does these ‘jobs’ he keeps talking about come from?
With the current ‘crisis of confidence’, no one is talking about creating new businesses and current business are planning to downsize to weather the storm.
Wait a minute- that means the global car market may NOT collapse. Sweet.
Why doesn’t the Government just buy up any “excess production?”
Then the Car Co’s would prosper. We could do this with retailers too.
The last time the Auto industry was in real bad shape, during the Carter years of high interest rates, fuel shortages and rationing, and a terrible economy, I bought and sold 6 Motor Homes, and over 20 cars and pickups. All of them were large, gas guzzling, high end units.
Oh, my, I’d like to repeat that profitable success! LOL
Opportunities will be sprouting up in every direction.
These types of events are interesting because it’s kind of a window into the psychology of people.
I suspect holiday sales will be dismal.
But there is the outside possibility that folks will throw caution to the wind and they will be off the charts!
No middle ground here.
In an economic slowdown, people tend to keep their cars longer instead of trading in and buying a new one.
Pogo sticks for all!.....
Welcome to the boom in auto repair, auto parts, etc.
My belief is that there are enough people who simply do not have the money/credit, and more who decide that “frugality is the new chic” that collectively they will help destroy that weekend, retail sales wise. I think the malls will be packed with people, but not many buyers.
I was purchasing a new pair of glasses last week and an upscale looking asian lady was ahead of me. Her credit card denied the $250 and they were trying to work something out and, meanwhile, started helping me.
Yeah, just anecdotal (I’ve seen lots of this in my life), but it just made me think of what I suspect will be playing out a lot on black friday.
Re: would fall to 13.2 million units in 2009 after likely settling at 13.6 million units this year
A 2.9% fall is considered a “collapse”????
Wow!
Does this mean the Camaro might be delayed??? /S
Well, they could ‘mandate’ everyone buy new vehicles. How else are they gonna get back the $25B?
It’s time for some automakers (e.g., GM) to die and be replaced by more efficient makers unburdened with ridiculous union contracts and executives who act like socialist commissars.
My “Buy America” mother used to complain about taking new Buicks into the shop 5-6 times the first couple of years. She figured it was OK since they didn’t charge her. With my urging, she saw the light 10 years ago - Camrys all the way. She is amazed at the difference in quality and value.
Scare mongering. The polls in Michigan are a little too close for comfort for The One and the MSM so what better way to whip up more doom and gloom for the auto industry union workers there.
I'm not burning any mattresses...that's where I keep my money.
Congress is already floating the notion of bailing out the Big 3 (right after credit card debt is forgiven).
Why are they not proposing to bail out Toyota, Honda, Hyundai, Suzuki, and Mitz? They don’t need to be bailed out.
Simple answer: UNIONS
Someone needs to tell JD Power that the auto market already collapsed.
“It’s time for some automakers (e.g., GM) to die and be replaced by more efficient makers unburdened with ridiculous union contracts and executives who act like socialist commissars.”
The labor contracts are a definite problem for the Big Three, but let’s not kill them off just yet. I used to hate GM and loved Toyota/Lexus. Then I learned through experience that Toy/Lex vehicles eventually break too. And when they do, they are a lot more expensive to repair. I started buying GMs again in 2005. They are building GMs better than they used to. You might give them another look. I have owned two 2005 Corvettes, two Suburbans (2007, 1999), and a 2500 diesel crew cab (2006) in the last three years. Only the 1999 Suburban has given me much trouble, but still cost me less in repairs than that (2000) LX470 did, and in fewer miles. I have 96k miles on the 2500 diesel and it has given me very few problems (and gets 20mpg).
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