Light Vehicle Sales Slump to Lowest in Decades
Light vehicle sales plunged to the lowest rate since the early 70s.
Light vehicle sales plunged to the lowest rate since the early 70s.
Everyone knew vehicle sales would plunge, we now know by how much.
The BEA reported light vehicle sales of 8.58 million units at a Seasonally Adjusted Annualized Rate.
Unadjusted sales were 707,840 units.
Sales have not been this low for 50 years. On a population-adjusted basis, these numbers are a disaster.
Percent Change From Year Ago
On a unadjusted basis, sales are down 46.6%. That exceeds the Great Recession plunge of 41.35% in February of 2009.
Don't Expect a Return to Normal This Year
Expect a very slow recovery. Consumers will need to rebuild balance sheets, not buy new cars.
The same applies to home buying given the Massive Drop in Homebuyer Interest
For further discussion, please see Don't Expect a Return to Normal This Year
Mish