On average, per the firm, consumers are keeping their vehicles four months longer in 2008 compared with 2007--up from 67 months to 71 months.
The remaining one-third of the volume decline comes from reduced leasing and a decline in fleet sales. J.D. Power and Associates forecasts total new light-vehicle sales--which includes both retail and fleet sales--to drop to 13.6 million units in 2008, registering a 16% decline from 16.1 million units in 2007.
The firm says next year won't be much better, with total new
light-vehicle sales dropping to 13.2 million units and the retail sales market declining to 10.6 million units.--Karl Greenberg
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