Joe Friday

Half of U.S. Consumers Delaying New Car Purchases

each year approximately 12M vehicles are "scrapped" in the US. Current run rates on vehicle sales (SAAR) is between 11-12M. It appears that this sales rate approximates the rate at which vehicles are being scrapped. Real growth in demand for vehicles should be consistent with population growth.
The sales rates we witnessed in the last few years of between 15-17M vehicles were unsustainable, and more of a function of insanely low financing rates then real "need". In essence, the auto industry brought forward demand, and now they will have to pay for that mistake.
it will take some time for that excess supply to work itself out of the market.