U.S. Auto Sales Drop Below 10 Million for 2008

According to the latest figures from Edmunds and AutoObserver.com, this year’s projected car sales for the U.S. are to be the lowest levels in years, below 10 million units.  Some reasons sighted for the downturn are the deteriorating economy, rampant unemployment, and the lack of available credit.  Edmuns.com predicts sales to total 852,000 units, down 38.4% from December 2007.

According to a study released by Scotia Bank on Global Auto Sales, projected sales for Canada are estimated at 1.65 million units sold.  In November alone, Canadian auto sales fell 10.3% to 105,221 vehicles according to the Financial Post.  In the U.S., SUVs and trucks remain the industry’s biggest sellers right now.  For the first time in nine months trucks will outsell cars, despite public discussion over fuel efficiency.

“Despite the unit sales increase from November, December’s expected 9.8 million SAAR will be the lowest of the year,” says Jesse Toprak, executive direction of Industry Analysis for Edmunds.com. “As questions about the economy remain unanswered, many consumers are reluctant to respond to the incredibly generous deals available on new cars.”