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Auto sales

Auto sales posted the worst performance since World War II.  Contrary to the notion that only big trucks are feeling the pain, all sectors of the automotive sector are seeing major drops in sales.  And this isn't with lack of help from collapsing fuel prices.  Oil per barrel settled at $55 which you would instinctively think would be fantastic for automotive sales.  That is not the case.  Auto sales are falling because people are unable to spend money they do not have.  The credit for financing cars is tight.

There is also a psychological component that people that feel threatened regarding their job security are not going to be in a spending mood.  An auto purchase is normally the biggest consumption item purchase many will make only behind a home sale.  Plus, the flip side of advances in automotive technology and efficiency make cars last a much longer time.  The demand for quality and style has produced fuel efficient cars that can last you many years with basic service.  When money is tight, people may start thinking, "you know what, I'm going to hold off on buying that newer model."

 
Posted by Andrew Johnson on 11/23/2008 09:48 AM   Comments (0)  
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Andrew Johnson

Martinsburg, WV

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Touchstone Realty

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