Article

2008-10-01 Home Front Economy

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by Nimble Spemble 2008-10-01 15:46|| || Front Page|| [4 views ] Top

#1 And the gas to go with them.

Posted by Nimble Spemble 2008-10-01 16:10|| 2008-10-01 16:10|| Front Page Top

#2 Well they have people so freaked out about this financial crisis that they naturally aren't going to be buying cars right now. People don't know if they are going to have a job tomorrow morning the way the news outlets are talking.

Posted by bigjim-ky 2008-10-01 16:24|| 2008-10-01 16:24|| Front Page Top

#3 Rather astounding. CA: June gasoline consumption declined by 7.5 percent from the same month a year ago.

Posted by ed 2008-10-01 16:38|| 2008-10-01 16:38|| Front Page Top

#4 Again, Americans have gotten far to used to living high on borrowed money. Most sales of new autos are completed with a car loan, and that's harder to get lately.

The average car gets traded in at about six years and 70,000 miles. Most people who deferred buying in September can wait another couple of years if they need to.

I wonder how used car sales are doing.

Posted by Darrell 2008-10-01 16:46|| 2008-10-01 16:46|| Front Page Top

#5 Carmakers have been borrowing from future sales for so long - using easy lending schemes and NINJA (no income, no job or assets) loans - that they are finally being forced to pay the piper. This collapse was a long time in coming. This wasn't a subprime bubble or a housing bubble - it was a credit bubble.

Posted by Zhang Fei 2008-10-01 16:52|| http://timurileng.blogspot.com]">[http://timurileng.blogspot.com] 2008-10-01 16:52|| Front Page Top

#6 Their are way too many car makers with way too many model competing model lines. The jig is up, it's time for consolidation.

Posted by Mike N. 2008-10-01 17:38|| 2008-10-01 17:38|| Front Page Top

#7 Amsn Mike N. It is going to be hard, but it has to happen. There is no way that people are going to continue to purchase cars or trucks at the rates they have been the past several years. I wouldn't buy a new car if you paid me. It is a losing proposition as soon as you drive it off the lot.

Posted by remoteman 2008-10-01 18:33|| 2008-10-01 18:33|| Front Page Top

#8 I wonder how used car sales are doing.

My buddy just scored a used Honda Accord; settled with them at 8:30 PM last night (last day of the month so the sales guy's more likely to fold on price just to meet his monthly quota) and got $2000+ off list price. Sales guy's still worried about getting canned, so I don't think used car sales are doing that much better.

Posted by Raj 2008-10-01 18:33|| 2008-10-01 18:33|| Front Page Top

#9 Sounds like a good time to be in the market for a car. Hmmm, 1995 @ 156k, 1995 @ 124k, & 1999 'toy' @ 66k, & I buy without borrowing.

Posted by Glenmore">Glenmore 2008-10-01 18:59|| 2008-10-01 18:59|| Front Page Top

#10 Interesting that they have all these sales figures pulled together less than half a day after the end of the month. Suspicious even. It's not their norm:
http://www.forex-brokerage-firms.com/economicindicators/auto-truck-sales.htm

Posted by Darrell 2008-10-01 20:09|| 2008-10-01 20:09|| Front Page Top

11:28 Ulush Gonque1304
23:50 USN,Ret.
23:47 Jolutch Mussolini7800
23:35 Steven
22:57 JosephMendiola
22:57 Barbara Skolaut
22:52 Barbara Skolaut
22:48 JosephMendiola
22:42 Chuck Sinatra8071
22:38 JosephMendiola
22:33 Zhang Fei
22:18 JosephMendiola
22:16 JosephMendiola
22:13 JosephMendiola
22:11 rjschwarz
22:08 Uleth Guelph1169
22:06 rjschwarz
22:04 rjschwarz
22:04 Procopius2k
21:54 ed
21:52 Jolutch Mussolini7800
21:49 Procopius2k
21:42 tipover
21:41 tu3031