Risky Business

Car Sales Skid

It definitely was not a merry Christmas for automakers. In December, Ford's domestic sales dropped 32%, Toyota's slipped 37%, GM's skidded 31%, Honda's fell 35%, and Chrysler dipped 53%. For the year, Toyota's sales were down 16% while Ford's were down 20%. Hyundai is even offering buyers the option to return their new cars for free if they lose their jobs. The situation is only expected to worsen, with 10 million cars expected to be purchased in 2009 versus 13 million in 2008.