European car market plunges to lowest since 1995

[Capt Worley PE]

Things don't look good in Europe...

* EU 2012 new car sales reach lowest level since 1995

* Sales fall 8.2 pct in 2012, worst contraction since 1993

* Car sales fall 16.3 in December alone

By Christiaan Hetzner and Helen Massy-Beresford

FRANKFURT/LONDON, Jan 16 (Reuters) - Demand for new cars in recession-bound Europe fell to a 17-year low in 2012, leaving mass market manufacturers little hope for this year as they try to cut costly excess factory capacity and aggressive discounting dents their margins.

Registration data released on Wednesday also showed the biggest annual drop since a 16.9 percent downturn in 1993, highlighting the crisis for automakers in Europe. Consumers are fretting over austerity measures, job security and rising living costs, and those who want to buy new cars are struggling to secure credit.

"The actual decline is much worse than the statistics would have us believe as sales figures for the year were artificially inflated as a result of self-registrations by dealers and automakers, especially in the region's biggest market, Germany," said Fuss.

http://www.reuters.com/article/2013/01/16/autos-europe-idUSL6N0AL10O20130116?feedType=RSS&feedName=marketsNews&rpc=43

 

[MA_PE]

So Europe's recession is better than ours?

 

[Master slacker]

Well, there recession involves european cars. So, by default, it is more important.

 

[snickerd3]

with better public tranportation systems available of course the sale of cars will go down...

 

[Judowolf PE]

they are more like the northeast, there isn't really vast amounts of countryside between towns/cities, so better more efficient public transportation is easier to achieve...

 

[Master slacker]

Toasts

 

[Judowolf PE]

soo does this mean the cost of a european sedans will go down...