Slow September Car Sales Could Be Good News for Consumers
September car sales were less than last year’s sales, but that doesn’t mean that consumers are buying fewer cars. Most analysts say the drop in sales compared with September 2012 is due to the fact that part of the Labor Day weekend, which typically accounts for a large number of car sales in September, fell in August this year.
Alex Gutierrez, senior analyst at Kelley Blue Book, told CNNMoney, "A lot of consumers pulled ahead their sales into August to take advantage of Labor Day sales offers. There's still plenty of demand out there, and no concerns or red flags from our perspective."
Many carmakers are reporting year-over-year declines in sales. General Motors posted an 11-percent decline in sales and Toyota experienced a 4.3-percent decline. Volkswagen saw its sales drop by 12.2 percent.
A few carmakers posted sales gains. Ford sales were up 6 percent compared with September 2012. Subaru reported a nearly 15-percent increase in sales, while Chrysler Group says its sales increased by 1 percent.
Slower sales in September may help car shoppers in October. In a press release, Kelley Blue Book reports that there was not much movement with new-car transaction prices in September. Karl Brauer, senior analyst at Kelley Blue Book, says, “Transaction prices remained fairly flat compared to last month as manufacturers were trying to empty dealership lots from 2013 model-year inventory as 2014 models were arriving in showrooms.”
If you want to save money on a new car, try going for a 2013 model. You’ll still get a new car, but it will probably be more heavily discounted than a 2014 model of the same car.
In the market for a new car? Check out the U.S. News rankings of this year's best cars. Then, look for a great deal on a new car by checking out this month’s best car deals. Also, be sure to follow us on Twitter and Facebook.