Sales results released yesterday confirmed October was another month of dismal vehicle sales in the U.S. market. Of the top players, General Motors fared worst, seeing sales plunge 45.4% from the same month a year earlier. Chrysler was down 34.9%, while Ford was down 29.2%. Of the import "big three," Nissan dropped 33% year-over-year, while Honda was down 25.2% and Toyota saw sales drop just 23%, no doubt saved by zero. The total light vehicle sales drop across the board comes out to just under 32%, which explains why crazy ideas like a GM/Chrysler merger are suddenly making sense. Sort of. [WSJ]
Maybe people are realizing that their vehicles can be counted on to last more than two years? Crazy, I know...
How long did they expect this ride to last? The balloon's been going up for a long time, but eventually it's got to either cool off or pop. Cranking out cars and trucks as fast as they can, the market's going to fill up. Speculators flipping houses as fast as they can, eventually all the houses will be priced as high as they can possibly go, and the only way to buy one for any amount of time is on an ARM, but that's only going to last so long.
Hey, I just heard a pop.