Posted on 06/05/2017 10:44:07 AM PDT by Lorianne
Industry experts had lowered their forecasts for May auto sales, having been overoptimistic every month this year, always figuring that there would be a year-over-year sales increase, when in fact sales fell every month. So for May, they became practically gloomy, but not gloomy enough.
J.D. Power and LMC Automotive forecast that new vehicle sales in May would inch up 0.5% year-over-year to 1.54 million cars and light trucks. Edmunds predicted that sales would edge up 0.3% to 1.53 million units. And Kelley Blue Book forecast that sales would be essentially flat year-over-year at 1.525 million:
And this is what the industry got:
Total new vehicle sales fell 0.5% in May to 1.519 million light cars and trucks, according to Autodata (number of vehicles sold and delivered by dealers to their customers, or delivered by automakers to their large fleet customers).
The fifth month in a row of year-over-year declines.
Year-to-date sales are down 2%.
New car sales plunged 9.3% to 548,000 and are down 11% year-to-date.
New truck sales rose 6% to 935,170 and are up 4.7% year-to-date. After the April disaster for pickups, Chevy dealers offered discounts of $12,000 on Silverado pickups and Ford dealers offered discounts of $10,000 or more on 2017 model-year F-series pickups and over $14,000 on 2016 F-series pickups which shows just how fat profit margins are on pickups.
The Seasonally Adjusted Annual Rate of sales (SAAR) in May fell 3% year-over-year, to 16.66 million light cars and trucks, the third month in a row below the 17-million mark.
The 71 days supply of unsold vehicles on dealer lots was the highest since July of collapse-year 2009.
Even the highest incentives for any May, estimated at nearly $3,600 per unit sold, could not stem the sales declines.
SNIP
My 2004 Dodge 1500 RAM has manual windows and locks, along with a rubber floor mat. And 4WD and a Hemi. It's a gas hawg, but very useful when you need a truck.
Every auto market in the world, except the USA, has smaller, cheaper, light-duty pickup choices.
Mitsubishi L-series, Ford Ranger (not the ones we get here), VW Amarok, and Toyota Hilux are big sellers around the world.
There is still a huge tax on imported trucks, making those small trucks too expensive. Building them in the USA is out because of production cost for a low-margin vehicle - same reason not many small cheap cars are made in USA.
Turn it in and walk away. FAST.
They will hogtie you in the showroom to get you to do it again...................
I agree. I would go there on my lunch break and buy one.
Plus a 3/4T & 1T spartan for towing, absent the ridiculous $60-70k & up they’re asking for diesels these days...
I don’t care if it has leather and electronic crap; give me a bench seat and a real steel bumper!
I just bought a new, pretty much fully loaded, F-150 with Eco-boost and 10-speed trans for under 39k. Hell, the thing even backs-up a trailer on it’s own. If I went base model with 2-wheel drive, I could have gotten it for 24k. That’s a lot of vehicle for the money. Add to that I recently bought my wife a 2017 Edge, again nicely equipped for 32k. These cars have a lot of tech in them and last upward of 200k miles, I don’t think that is too expensive.
I read Trump’s book. I’ve tried it. It works, but you’re right, I go in with no equity to trade in.
Some people have told me that most places will let you extend the lease 6 months, even a year. I think next year Lexus may be offering an electric car.
I’m paying $400 per month on the lease, because I traded. No lease will probably double the payments, and the new cars are similar to what I have now.
The wife and I had a talk this weekend about a new vehicle. My car will be paid off in October. We decided that we will keep the car for a while and enjoy life with only one payment (which will be done May of 2018). It has been over 10 years since we were payment free. It will be nice to have those extra $ each month that went to the payment(s).
I don’t think I would be able to find a vehicle I like anyway for a reasonable price. I am a big dude and I need a big vehicle and the big ones aint plentiful and sure aint reasonably priced these days.
Diesels are simply not worth the added cost in a pickup these days. A gas motor taken care of will practically last 2 vehicle bodies (forever).
All I need is a good beverage holder and large windows all the way around the vehicle.
If, when you go to turn the car in and give them the keys, you are not out the door in less than 30 minutes, even 15, they are gonna try everything in the book to get you to succumb.......................
My rust-free 2006 F350 4x4 extended-cab long bed is running just fine. In fact, with 85,000 on the 6.0 Diesel, it’s just getting broke-in. The best thing about this truck? It’s paid for. And in the 3rd highest taxed state in the Union, it only costs me about $60 in property tax every year when it’s time to get license plates.
The certified warranty on off-lease used cars is often better than the warranty on the same car new, which is increasing demand for late model used and likely depressing new car sales, just my opinion.
In my vicinity new house construction has picked up sharply and resales that are in move in condition and priced right are selling more quickly than at any time in the past two decades. I suspect new vehicle sales are suffering due to reining in spending elsewhere after purchasing a house, too.
lol
Pretty good, I think. Freaking people on this island always have money.
Price a Basic Honda Ridgeline at your nearest dealer.
I bought one a few years ago using this connection. I saved thousands of $’s with no hassle. I actually got a great lease deal and bought the pickup a year later after driving it for a year.
http://dealers.car.com/2017/honda/ridgeline/
My son-in-law is a used car dealer................
A few years ago when I used to listen to Mark Levin regularly, he warned about the govt extracting info from black boxes on new cars...
Due to this, I am wondering about newer cars’ black boxes. Anyone know if the gov’t required enhanced the data gathering capabilities of these boxes...To the extent that at some point may be able to send data/communicate with govt at govt. installations such as Emission Testing facilities??
The possible privacy intrusion plus the ever-increasing costs have kept me out of the new car pool, but maybe it is time to take the plunge.
Interesting. Thanks for posting.
I haven’t had a car payment in 33 years. My last payment was in 1984 on a 1980 Ford Fiesta. I’ve had all used cars since. All foreign. All 4 cylinders except a recent upgrade to a 21 year-old 6 cylinder foreign (looks and rides new) All have made it to over 300, 000 miles. I realize it’s not for everyone, but it has worked fantastically well for me.
NO PAYMENTS, HIGH mileage, LOW maintenance. Get yer motor running’...
https://www.youtube.com/watch?v=egMWlD3fLJ8
Best time to buy is after the 4th of July or after Labor Day.
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