The probability of you losing your job is much like the political tracking poll – it could be very high one day and it can fall the next (okay we’re just kidding President Obama, sorry). American citizens are in fear and have been cutting back on spending their hard earned cash on costly items. Those looking for a new car are avoiding driving up to a car dealership and February auto sales, which were down to their lowest level in 40 years, are a perfect example.
In Detroit, GM reported the largest drop at 52.9 percent followed by FoMoCo at 48.4 percent. Chrysler was the better part of its to Detroit rivals with a drop of 44 percent.
Japanese automakers also reported a significant drop in February 2009 sales with Toyota reporting the largest drop at 39.8 percent followed by Honda at 38 percent. Nissan reported a decrease of 37 percent.
Subaru and Kia reported a gain of 1.4 percent and 0.4 percent respectively. Hyundai reported a drop of 1.5 percent.