Analysts predict auto sales to be down in August

Several analysts have predicted depressed sales figures for August as compared to the same month in 2009.

According to the Associated Press, the government’s “Cash for Clunkers” program inflated 2009 numbers to the point that this year’s totals will not be able to reach those set a year prior. Although the auto industry has generally bounced back this year, some analysts fear that the recovery might be losing steam.

Brian Johnson of Barclay’s predicts that the brands will report total sales of 11.5 million vehicles for August, the same total as July 2010 and significantly less than the 14.1 million cars sold the previous year. Wachovia predicts 11.7 million cars sold – up from July but still down yearly.

Still, the time could be right for those looking at car loans to make their move. With Labor Day sales coming up and the recent news that numbers are down, brands may be aggressively attempting to move vehicles, which could mean discounts for the consumer.

Automakers are scheduled to report August sales totals on September 1st.ADNFCR-3500-ID-19932683-ADNFCR