Car sales down post Cash 4 Clunkers
Car sales dropped sharply in September, after the Cash 4 Clunkers program expired. Sales compared to August were…
- Honda: -52%
- Toyota: -44%
- Other: -41%
- GM: -37%
- Ford: -37%
- Chrysler: -33%
Overall, the seasonally adjusted annual rate of auto sales fell back to 9.2 million in September, well below the peak over 17 million (good charts from CR here). It has been argued that the rate can’t stay that low forever because old cars will have to be replaced. But will they? Does anyone have a sense for what run-rate car sales will look like if we go back to 1.0 car families?
Here’s another great chart from WSJ with more granular data for each automaker.