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Haunting Photos of #Carmageddon: Hyundai Gets Crushed, as GM, Ford, Others Struggle
Wolf Street ^ | 02 June 2017 | Wolf Richter

Posted on 06/05/2017 10:44:07 AM PDT by Lorianne

Industry experts had lowered their forecasts for May auto sales, having been overoptimistic every month this year, always figuring that there would be a year-over-year sales increase, when in fact sales fell every month. So for May, they became practically gloomy, but not gloomy enough.

J.D. Power and LMC Automotive forecast that new vehicle sales in May would inch up 0.5% year-over-year to 1.54 million cars and light trucks. Edmunds predicted that sales would edge up 0.3% to 1.53 million units. And Kelley Blue Book forecast that sales would be essentially flat year-over-year at 1.525 million:

And this is what the industry got:

•Total new vehicle sales fell 0.5% in May to 1.519 million light cars and trucks, according to Autodata (number of vehicles sold and delivered by dealers to their customers, or delivered by automakers to their large fleet customers).

•The fifth month in a row of year-over-year declines.

•Year-to-date sales are down 2%.

•New car sales plunged 9.3% to 548,000 and are down 11% year-to-date.

•New truck sales rose 6% to 935,170 and are up 4.7% year-to-date. After the April disaster for pickups, Chevy dealers offered discounts of $12,000 on Silverado pickups and Ford dealers offered discounts of $10,000 or more on 2017 model-year F-series pickups and over $14,000 on 2016 F-series pickups – which shows just how fat profit margins are on pickups.

•The Seasonally Adjusted Annual Rate of sales (SAAR) in May fell 3% year-over-year, to 16.66 million light cars and trucks, the third month in a row below the 17-million mark.

•The 71 days’ supply of unsold vehicles on dealer lots was the highest since July of collapse-year 2009.

•Even the highest incentives for any May, estimated at nearly $3,600 per unit sold, could not stem the sales declines.

SNIP


TOPICS: Business/Economy
KEYWORDS:
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1 posted on 06/05/2017 10:44:07 AM PDT by Lorianne
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To: Lorianne

I hate to sound like the weasel of the group but does this mean I can get a better deal on a car in the next few months? Been procrastinating.


2 posted on 06/05/2017 10:50:02 AM PDT by dp0622 (The only thing an upper crust Conservative hates more than a liberal is a middle class conservative)
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To: Lorianne

I traded in a Hyundai Accent for a new Kia Rio. I like it. My understanding is that there’s a terrific inventory of low-mileage relatively new cars, a lot from leases that elapsed. Perhaps younger people are taking advantage of the good deals on that inventory.


3 posted on 06/05/2017 10:52:08 AM PDT by grania (Deplarable and Proud of It!)
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To: dp0622

Hey, weasels need cheap rides too!


4 posted on 06/05/2017 10:52:14 AM PDT by onona (i don't know what the reticent is)
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To: Lorianne

The leftover Obamanomics are still with as long as the RINO controlled Congress sits on it’s crony campaign financed, enriched and fat butt.


5 posted on 06/05/2017 10:52:52 AM PDT by fella ("As it was before Noah so shall it be again,")
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To: Lorianne

Current long depressed car sales trend closely tracks Great Depression precursor.
Asset bubbles abound, debt = money wealth, Massive unemployment - what could go wrong?

GD2 on the way.
Buddy can you spare a dollar?


6 posted on 06/05/2017 10:52:58 AM PDT by MarchonDC09122009 (When is our next march on DC? When have we had enough?)
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To: Lorianne

R leases counted as sales?


7 posted on 06/05/2017 10:55:59 AM PDT by Paul46360 (What??ME worry?)
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To: Lorianne

They want too much money for new cars and trucks...It’s become a rip off to buy new...Then throw in all the taxes.....Ferrget it.


8 posted on 06/05/2017 10:56:03 AM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: Lorianne

They simply cost too much...they are producing TOO MUCH VEHICLE.

Make them simple and cheaper.

There’s NO WAY $50k for a pickup is reasonable.

The first company to put a $22k pickup on the market (underpowered and without the fancies) will get very, very rich.

5sp transmission, 6 cylinder, PS, PB. Radio, heater and AC. 4WD as a $1,500 option.

You’re done. You’re rich.


9 posted on 06/05/2017 10:56:29 AM PDT by Mariner (War Criminal #18)
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To: fella
Dang it left out the us => [with us as]
10 posted on 06/05/2017 10:59:37 AM PDT by fella ("As it was before Noah so shall it be again,")
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To: Paul46360

Yes. Auto leases are generally counted as auto sales.


11 posted on 06/05/2017 11:00:33 AM PDT by jjotto ("Ya could look it up!")
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To: Mariner
The first company to put a $22k pickup on the market (underpowered and without the fancies) will get very, very rich.

The inexpensive, small, light pickup would be great. Ford used to have the F-100, and the Ranger (early Rangers, they got fat after a while), GM the S-10. Keep the towing and payload down a bit and they'll be able to make them cheap. They'll sell like hotcakes. We don't all tow 6000 pound boats around.

I suspect that the crash standards are one of the reasons that they can't make a truck like the old F-100 or the original Ranger any more.

12 posted on 06/05/2017 11:01:07 AM PDT by meyer (The Constitution says what it says, and it doesn't say what it doesn't say.)
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To: Mariner

From an old “Ode to my pickup truck” cowboy poem I heard many years ago...

“...and there’s something about a pickup truck with electric windows that’s like blue jeans that zip up the siiide!”

< said with heavy drawl >


13 posted on 06/05/2017 11:02:24 AM PDT by MarineBrat (Better dead than red!)
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To: Mariner

Agreed. No way I’m going to buy a new car. Paid $24k for a new Toyota Highlander in 2008 and it’s running perfect with 145,000 miles on it. My neighbor just bought a new Highlander for $52k!


14 posted on 06/05/2017 11:02:51 AM PDT by pajama pundit (Please don't hate me for being a Christian (and believing what the Bible says).)
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To: Mariner
They simply cost too much

Bottom line...Ya look at the prices of new trucks, and it's laughable. From my perspective, one would have to be a fool to put out that kind of money for a freaking truck.

15 posted on 06/05/2017 11:05:24 AM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: Mariner

It’s not just that. There’s first off a glut of cars out there.

Secondly, the cars made have better warranties and quality, so people are keeping them.

Third, price of gas is down so people are buying the SUVs.

4th, economy may be picking up, but it’s not just cars, I think people are still holding off on big purchases.

I’m leasing a Lexus. It due in September. First time I’ve done this, and it’s great, but what do I do come September? Any one have some advice?


16 posted on 06/05/2017 11:05:28 AM PDT by nikos1121 (Rudy Guiuliani for Head of FBI)
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To: Lorianne

Every time I look at the prices... I say FORGET IT! i’ll keep the great car I already own, rather than buy basically the same car at TWICE the price as 7 years ago


17 posted on 06/05/2017 11:07:54 AM PDT by TexasFreeper2009 (Make America Great Again !)
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To: Paul46360

They count as the sale of a lease, but not a vehicle.


18 posted on 06/05/2017 11:09:05 AM PDT by Ahithophel (Communication is an art form susceptible to technical failures)
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To: dp0622

Depends on your local dealer and what shape his business is in...................


19 posted on 06/05/2017 11:11:10 AM PDT by Red Badger (You can't assimilate one whose entire reason for being here is to not assimilate in the first place.)
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To: onona

Hey! Let’s do the Kash for Klunkers 2.0!.......................


20 posted on 06/05/2017 11:12:15 AM PDT by Red Badger (You can't assimilate one whose entire reason for being here is to not assimilate in the first place.)
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