Posted on 08/22/2007 5:10:05 AM PDT by Hydroshock
NEW YORK (CNNMoney.com) -- Already-battered U.S. auto sales could be the next victim of the problems with mortgages, declining home and stock prices as potential car buyers delay purchases due to uncertainty.
Industrywide U.S. auto sales in August could be off 10 percent from a year ago, according to an early read from sales tracker Edmunds.com. That follows July sales that were 19 percent below year-earlier levels.
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Jesse Toprak, executive director of industry analysis for Edmunds.com, said that the downturn in home values and credit issues that were seen in the July numbers could be an even bigger factor this month.
"I think the issue is becoming more pronounced," he said.
Sales weren't just weak at domestic automakers, such as General Motors (Charts, Fortune 500), Ford Motor (Charts, Fortune 500) and Chrysler Group. Year-over-year sales fell in July at Toyota Motor (Charts) and Honda Motor (Charts) as well. Many forecasters are cutting full-year auto sales targets in the face of these weak summer sales. And some experts say the turmoil in housing could throw even more dirt in the gears.
(Excerpt) Read more at money.cnn.com ...
The media elites are going to keep yapping and drive consumer confidence down and the next chapter is recession.....
What other goal do you think they have in mind?
The Democrats will sacrifice America just in order to offend President Bush!!!!
See post #19.....great Tennessee minds think alike......
These articles sure get a lot of exposure here, for some reason....
I just bought a new vehicle. Had to.
My old one has 307,000 miles on it. Still have it.
Cool
The average life of cars/trucks is actually about 15 years, not 7.5.....
The average american only keeps their vehicles for 4-5 years, though, showing yet another way in which they throw money down the toilet....
Ooops, you are right. What I meant was the average life of original ownership.....
I agree. Average Americans love to throw their money away while begging the government to take care of them....
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