It’s a buyer’s market as car sales slump
Blood on the showroom floor. It’s a buyer’s market as car sales slump. Plummeting car sales have led to a slump in prices.
Comparing March 2008 to March 2007, sales from the public to dealers are down nearly 21%, private sales are down by over 7%, while sales from dealers to the public are down nearly 20%. Sales from dealer to dealer have fallen nearly 28%, while registrations of used imports of have dropped nearly 18%.
Clive Matthew-Wilson, editor of the car buyer’s Dog & Lemon Guide, says that a combination of factors has hit vehicle sales.
“First, the economy is in decline, which has made buyers suddenly cautious. Second, the new vehicles on sale were ordered during boomtimes, so there’s now an oversupply. Third, although overall imports of Japanese secondhand vehicles are falling, a few dealers brought in vast numbers of vehicles in anticipation of tighter government controls on vehicle emissions. There are now too many vehicles chasing too few buyers.” READM MORE…