DETROIT — U.S. auto sales fell slightly in September as demand for new cars and trucks sputtered.
Sales dropped 0.5 percent to 1.4 million in September, according to Autodata Corp. It was the fourth month of year-over-year sales declines so far this year.
Automakers reported mixed results Monday. Nissan’s sales rose 4.9 percent over September 2015. Hyundai and Subaru reported 4 percent sales gains, while Toyota’s sales rose 1.5 percent. General Motors’ and Honda’s sales were flat for the month. Fiat Chrysler’s sales fell 1 percent. Ford and Volkswagen both reported 8 percent declines.
Slowing sales aren’t necessarily bad news for automakers or consumers. Sales remain near historic highs, and some analysts suggest 2016 sales could still top the record of 17.5 million set last year. Favorable conditions such as low interest rates and low gas prices remain in place. Consumer confidence hit a nine-year high in September, according to the Conference Board’s index.
But after six straight years of growth, demand is clearly slowing. U.S. sales are up just 0.5 percent through September.
Cars have been particularly hard hit as low gas prices have made SUVs and trucks even more appealing. Brands without competitive new SUVs are struggling; Fiat, for example, saw its sales plummet 30 percent last month.
New cars also are feeling pressure from used cars because of the growing popularity of leasing. More than 30 percent of new vehicles are now leased, up from 20 percent five years ago. Around 500,000 off-lease vehicles are returning to the used car market this year and next year, and many consumers will choose them instead of new vehicles, says Alec Gutierrez, a senior market analyst with Kelley Blue Book.
That has automakers pushing harder for sales. Incentive spending hit a record of $3,923 per vehicle last month, surpassing the previous high set in December 2008 during the recession.
Mark LaNeve, Ford’s U.S. sales chief, said incentive spending was $430 per vehicle higher than last September. Usually, he said, incentives are only about $100 higher or lower than the year before.
