2009 Car Buying Statistics

Reports from numerous auto industry experts on car buying statistics vary only slightly. Both Automotive News and Edmunds, two reliable sources, had similar opinions on sales statistics for year end 2008 and forecasts for 2009.

2009 a buyer's market for car sales

For the automakers, 2008 was a year to put behind them. Car sales slumped to levels not seen since the early 1990’s. The price of gasoline didn’t help car sales either, when some area prices reached over four dollars a gallon. Once gasoline prices lowered, car buyers remained interested in more fuel efficient cars like hybrids and compact cars.

With sales decreasing on manufacturer popular models like pick-up trucks, SUVs, and minivans, the auto industry responded by eliminating some models. Chrysler stopped producing the Aspen and Crossfire. Dodge discontinued the Durango and Ford sold its interest in Jaguar and Land Rover and picked up a piece of Mazda. Hummer is up for sale by General Motors, Jeep Commander production will cease in mid-2009, and Isuzu stopped selling all of their models in the US as of January of 2009.

Many auto manufacturers turned to increased incentives or rebates in 2008 to help sell their vehicles:

With Chrysler’s May 1st bankruptcy and possible reconstruction, things are still out for the automaker, according to Edmunds. The Automotive News had the following car buying statistics for 2009:

• A car buyer’s market is expected in 2009 due to low sales in 2008.
• Incentives such as low financing rates and rebates are expected to drop.
• The Big Three, Ford, Chevrolet, and Chrysler will shut down some factories due to model discontinuation.
• Some higher-end SUVs and luxury cars could see a price increase due to the decrease in model production.
• The Big Three will also analyze and cease some brands or sell portions of their company. For example, in the Chrysler restructure, Chrysler is looking to sell their Dodge and Jeep divisions.
• Hundreds if not thousands of dealerships will be closed.
• Custom-ordering a vehicle will become more popular.
• Compact and hybrid vehicle sales will continue to rise.
• The truck market will remain flat.

Many consumers who purchased discontinued models in 2008 are concerned about repairs and part availability for 2009. Both General Motors and Ford said in April of 2008 that repair facilities and parts will be available for all of their models. Chrysler, on the other hand, will struggle. Mopar, Chrysler’s parts division, will most likely be sold making it harder for Chrysler repair facilities to obtain parts swiftly. Finally, the number of dealerships slated to close will effect where the consumer can go to have their vehicle repaired and serviced. The independent garage could see a rise in sales in 2009 if the number of dealerships closing rises to the high hundreds.

As with many trends, the auto industry often remains a mystery when it comes to car buying statistics; however, many feel this time around, current sales statistics and forecasts are accurate. For consumers, the best bet is to invest in an affordable hybrid, compact or subcompact vehicle. Many of these vehicles have prices that are desirable with low financing rates. Another consumer option will be buying certified, pre-owned vehicles which are expected to have an increase in sales due to the worries consumers have about buying a new car, no matter what the manufacturer.

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