Aftermath of the Cash 4 Clunkers Program

* Interesting program.Did you take advantage ?
I didn't.


September US auto sales fall following Cash for Clunkers buying spree over the summer
By KIMBERLY S. JOHNSON and BREE FOWLER
AP Auto Writers
(AP) 02:12:49 PM (ET), Thursday, October 1, 2009 (DETROIT)
GM, Ford and Chrysler reported September sales declines on Thursday, revealing a tough hangover from this summer's Cash for Clunkers buying spree.

General Motors Co. reported the steepest drop, 45 percent, when compared with September of last year. Chrysler Group LLC was down 42 percent and Ford Motor Co. had a much smaller decline of 5.1 percent.

Automakers got a big lift in July and August from clunkers, which spurred sales of nearly 700,000 new cars and trucks. The government program's big discounts lured in many customers who otherwise would have waited until later in the year to walk into dealerships.

Now automakers are starting to feel the effect. GM said it sold 155,679 vehicles last month compared with 282,806 in September of last year. Ford reported sales of 114,241 in September, but the decline followed two straight months of rising sales. Chrysler sold only 62,197 vehicles last month.

GM blamed the decline on the clunkers program pulling buyers into July and August, weak consumer confidence and low inventory levels during September before production increases could replenish stocks.

"As expected, the market returned to pre-Cash for Clunkers levels in September," Mark LaNeve, GM's vice president of U.S. sales, said in a statement. "Fortunately the fourth quarter looks brighter."

Ford's top analyst told reporters on Thursday he does not think the Cash for Clunkers hangover will affect sales in October and beyond.

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* The 2010 cars are here and ready for sale. Perhaps now is the time to buy.
Anyone plan to shop this month or anytime ? *