The economic analysis last January 2009 reflected that auto sales in the US dropped to 37.1%. This is the lowest auto sales record in 27 years.

Even the countries biggest car manufacturing tycoons are facing big losses: Ford Motor fell by 41,6%, while General Motors suffered from a 49% drop. Chrysler, for the 2nd month in a row, also has decreased sales by 50%. Even the mass driven Toyota, Honda and Nissan have suffered from a 27% drop out of their usual sales.

If these figures are familiar, it’s because the US suffered from a very similar drop in car sales in August 1982. As in the 1982 fall, only about 9.8 million units were sold this year. At least, it’s still a far cry from December 1981’s 656,881 figure.

The huge decline of car sales, manufacturers say is caused by the huge credit crunch. One of the US’s primary banks, the GMAC, officially stopped consumer lending last autumn. They only approved loans from creditors with spotless credit records.

GM lenders tried to relax their policy last December, but reports mention that they only gave credit to 5,000 purchases this January. GM also tried to boost up sales by initiating incentives including giving higher rebates and 0 percent financing for most of its vehicles. Their incentive program included best selling cars the Chevrolet Malibu.

Chrysler and Ford are also planning to pump up their sales this year. Ford pegged its goal to 11.5 million to 12.5 million this year, while Chrysler sets its eyes on 11.1 million.