Sales plunge 36 percent in final month of 2008
Unsold 2009 Prius sedans sit at a Toyota dealership in Frederick, Colo., in November. Toyota Motor Co. said its sales in the U.S. fell sharply in December, but the Japanese auto giant remained ahead of Ford Motor Co. and retained its position as the No. 2 vehicle seller in the U.S. for 2008. (AP photo)
DETROIT (AP) — Huge rebates and zero-percent loans couldn’t overcome economic uncertainty as U.S. auto sales plunged 36 percent in December, capping a dismal year that saw sales free-fall by 2.9 million vehicles from 2007.
The bleak numbers, according to both industry officials and analysts, mean that record high rebates and low-interest financing deals will stick around until at least February. But those deals will likely disappear as the remaining 2008 models are sold and inventories are lowered to match demand.
One automaker, Hyundai Motor America, is trying to woo skittish buyers by promising to let them return cars for up to a year if they lose their jobs and can’t make the payments.
Similar bold moves might be necessary throughout the year.
Every major manufacturer reported drops of more than 30 percent in December. Leading the largest year-over-year drop since the Arab oil embargo days of 1973-74 was struggling Chrysler LLC, which sold 53 percent
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