sales

Buy a New Car During End-of-Summer Sales?

By Jaime E. Love 2 days ago

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The number of car ads accelerates to a frenzy as summer fades into fall because dealerships need to make room for the newest model year vehicles. Big rebates and low-interest financing offers can tempt shoppers to make a quick deal for a leftover 2020 car, but there are a few key points that shoppers should consider before buying one.

“The fall is always an exciting time in the automotive world, with brand-new models arriving at dealerships and outgoing cars on big discount,” says Todd Young, automotive pricing analyst at Consumer Reports. “This is an unusual year, with prices all over the map. It is key to study the offers and base purchase decisions on a long-term view.”

The easy savings on marked-down 2020 models may seem tempting, but the cars are technically already a year old once 2021 models

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Automotive industry rebound falters in August as sales slip

By Jaime E. Love 4 weeks ago

The U.S. auto industry took yet another tumble in August. Those manufacturers who still announce their sales figures at the end of each month reported declines pretty much across the board. Per industry analysts, transaction prices slipped slightly in August compared to July as well, despite a nearly 4-percent increase over last year’s average. There were two fewer selling days in August this year, contributing to reported declines. 

Toyota on Tuesday reported a 23% drop in U.S. new vehicle sales in August versus the same month in 2019, as a two-month industry-wide shutdown of auto production in the spring to halt the spread of COVID-19, as well as an uncertain economic recovery, weighed on sales. This was Toyota’s fifth straight month of U.S. sales declines.” data-reactid=”21″Toyota on Tuesday reported a 23% drop in U.S. new vehicle sales in August versus the same month in 2019, as a two-month industry-wide

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Coronavirus is a car sales roller coaster with an uncertain end

By Jaime E. Love 2 months ago

With no handy playbook, no precedents for the toxic economic fallout from COVID-19, the only thing predictable about auto sales is now unpredictability. And with viral spikes forcing fresh public restrictions — including in California, the nation’s largest auto market — any automotive recovery seems likely to follow the same topsy-turvy course.

Analysts say the worst may be over. But they can’t be sure. The pandemic drove auto sales to a sickly, 30-year-low in April, as Americans bought just 633,000 cars — down 53% from April 2019, and worse than any sales month of the Great Recession in 2009. 

June brought a few rays of hope. But June’s annualized selling rate of 12.9 million units was still a stark reminder of the booming 17.2-million pace of the previous June. Second-quarter sales at General Motors, Ford and FiatChrysler fell 30% or more. Tesla’s mere 5% drop —and a stock

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Shoppers Eye 4th of July Car Sales as Pandemic Expedites Car-Buying Plans

By Jaime E. Love 3 months ago

Some consumers may celebrate the birth of the nation by buying a new car, as Fourth of July car deals and pandemic concerns provide an incentive to shop.

Automotive marketplace Cars.com surveyed consumers who have an interest in acquiring a new car to see if the COVID-19 outbreak was impacting their plans. The survey found that not only were most respondents expediting their timeline for getting another car in part because of the pandemic, but 44% said they were prepared to close the deal on a vehicle over the holiday weekend.

A myriad of reasons to buy

Respondents gave a host of reasons for why they were quickly moving forward with their car-buying plans.

More than half — 52% — said they want something new, or at least newer than the vehicle they already own. More than a third of respondents — 42% — said they believed the deals

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