Car credit harder to come by

Car sales are falling across Europe, owing to a shortage of car credit being made available to customers. Overall, sales across Europe fell by 7.8 per cent in May, with Western Europe the most badly hit with sales falling by 8 per cent. Previously new EU member states in Eastern Europe had been able to offset falling sales in other parts of Europe, however, in May eastern Europe was also hit as sales fell by 4.2 per cent. Even those customers who do secure car credit at a good rate are still approaching their purchase with caution. Record high fuel prices and increased running costs have made their impression on customers - especially those paying with car credit. Value for money becomes much more important. Goldman Sachs analysts have warned of the difficulties facing car manufacturers, who are suffering from a slowdown in sales. In a note to their clients, Goldman Sachs pointed out that auto manufacturers face rising raw material costs and current foreign exchange rates. "We adjust estimates to reflect a more protracted slowdown in global car sales," they said. "We also incorporate significant increases in raw material costs and current foreign exchange rates in our 2009 estimates."

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