http://www.thetruthaboutcars.com/new-cars-going-nowhere-fast-inventories-swell-to-bursting/
New Cars Going Nowhere Fast; Inventories Swell to Bursting
By Robert Farago
December 7, 2008 -
If you think itâs a buyerâs market for new cars, oh man are you right. But you ainât seen nothinâ yet. Literally.
âAt the Long Beach port near Los Angeles,â Reuters reports. âToyota Motor Corp vehicles including Prius hybrids, FJ Cruiser sport utility vehicles and Lexus IS 250 luxury sedans are being stored on a vast construction site that will one day be a new container terminal.
Unloved FJs-- and how-- await new owners. (courtesy reuterscom)
The site became a gigantic parking lot when Toyota and Daimler AGâs Mercedes-Benz asked the port for space to store thousands of vehicles that dealerships have not been able to take on due to sluggish sales.â
Imagine this. âThe port has not counted how many additional cars were being stored, but Wong said Toyota has leased an additional 23 acres of space while Mercedes-Benz has leased about 20 more acres.â
So, if the ports are choking on new cars, where are Motownâs unsold machines? Everywhere, our spies tell us. Everywhere.
Import or domestic, their products donât have an idefinite shelf life.
Thereâs only so long the manufacturers can afford to keep these new cars off the market, propping-up new car prices.
Bottom line: as predicted here, new car prices are headed for one Hell of a crash. And soon.
New Cars Going Nowhere Fast; Inventories Swell to Bursting
By Robert Farago
December 7, 2008 -
If you think itâs a buyerâs market for new cars, oh man are you right. But you ainât seen nothinâ yet. Literally.
âAt the Long Beach port near Los Angeles,â Reuters reports. âToyota Motor Corp vehicles including Prius hybrids, FJ Cruiser sport utility vehicles and Lexus IS 250 luxury sedans are being stored on a vast construction site that will one day be a new container terminal.
Unloved FJs-- and how-- await new owners. (courtesy reuterscom)
The site became a gigantic parking lot when Toyota and Daimler AGâs Mercedes-Benz asked the port for space to store thousands of vehicles that dealerships have not been able to take on due to sluggish sales.â
Imagine this. âThe port has not counted how many additional cars were being stored, but Wong said Toyota has leased an additional 23 acres of space while Mercedes-Benz has leased about 20 more acres.â
So, if the ports are choking on new cars, where are Motownâs unsold machines? Everywhere, our spies tell us. Everywhere.
Import or domestic, their products donât have an idefinite shelf life.
Thereâs only so long the manufacturers can afford to keep these new cars off the market, propping-up new car prices.
Bottom line: as predicted here, new car prices are headed for one Hell of a crash. And soon.
