Want to buy a Toyota? Now might be the best time to buy that Toyota for two reasons. Toyota sales for the month of August are way down in the crapper. Plus, all manufactures need to dump the 2010 models as they prepare for the new year. Ford and GM also had a bad month but not as bad as Toyota have, which goes to show that all the bad press has in fact hurt sales for the Japanese car maker. Honda also lost sales, but Chrysler actually surprised analysts by posting a modest sales gain.
According to a recent article it also stated the following:
The nation’s top automakers reported disappointing sales Wednesday, resulting in the worst August for industrywide auto sales in 27 years.
According to sales tracker Autodata, U.S. new vehicle sales fell just short of 1 million vehicles, a drop of 21% from a year ago, which included Cash for Clunkers. That federal program created a sugar rush of sales by dangling an incentive of up to $4,500 in cash for buyers who traded in older gas guzzlers for more efficient models.
“Car buying is far from repaired, and consumers hesitate before they make a big ticket purchase,” said Jesse Toprak, an analyst with the auto pricing Web site Truecar.com. “It shows that the recovery is going to be much slower and more painful than expected.”
A recent CNN poll showed that some 81% of those polled thought the economy is still bad, so these numbers should come as no surprise. Even the ‘cash for clunkers’ program failed to get sales moving.
So is the recovery going to take longer and be more painful than anticipated? What do you think?