A car salesman told me there are 4 to 5 year car buying peaks, the last peak in car sales were from the years 2005 and 2006.
he said most car loans will be paid off in 2009 and 2010
and in those same years they are expecting another peak in new car sales.
any truth in that?
I have been in the business for 10 years most people try and trade after 3 years. The current popularity of 72 month and even 84 month finance will change that. We get a steady flow of customer for the most part until like now the economy get shaky then we slow down. The 2005/2006 spree was caused by low rates and big sales(GM’s first employee price sale). I hope it does turn but I wont hold my breath