DETROIT: Automakers reported mixed U.S. sales results in September as demand for new cars and trucks sputtered.
Nissan’s sales rose 4.9 percent over last September and Toyota’s were up 1.5 percent. General Motors’ and Honda’s sales were flat, Fiat Chrysler’s fell 1 percent, and Ford and Volkswagen both reported 8 percent declines.
Overall U.S. auto sales were expected to fall 1 percent to 1.4 million in September, the fourth month of declining sales this year, according to a joint forecast by J.D. Power and LMC Automotive.
That’s not necessarily bad news. Sales remain near historic highs, and some analysts suggest 2016 sales could even top the record of 17.5 million set last year. Favorable conditions such as low interest rates and low gas prices remain in place. Consumer confidence hit a nine-year high in September, according to the Conference Board’s index.
But after six straight years of growth, demand is clearly slowing. U.S. sales were up less than 1 percent through August, and a decline in September could push 2016 totals into negative territory.
New cars also are feeling pressure from used cars because of the growing popularity of leasing. More than 30 percent of new vehicles are now leased, up from 20 percent five years ago. Around 500,000 off-lease vehicles are returning to the used car market this year and next year, and many consumers will choose them instead of new vehicles, says Alec Gutierrez, a senior market analyst with Kelley Blue Book.