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Ford Motor Co. said today its U.S. sales fell 48 percent in February, proof that huge rebates and low-interest financing haven’t been enough to entice fearful consumers to make a major purchase.
The Dearborn, Mich., automaker sold 99,060 vehicles last month, compared with 192,248 the same month in 2008.
In January, industry-wide U.S. sales dropped to their worst monthly performance since December 1981. Many industry observers expect February’s numbers to be worse.
The decline is a sign that people are keeping their cars longer due to the slumping economy and fear of losing their jobs. Those who are buying are more often opting for a used car or truck.
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