Ford reports weak sales; GM figures expected later

GM at the Cleveland Auto Show

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DETROIT (AP) -- Ford Motor Co.'s U.S. sales fell 48 percent in February, a sign that the new car market could hit the lowest point in more than 27 years as huge rebates and low-interest financing fail to spur fearful consumers to make a major purchase.

Ford, the first automaker to report sales Tuesday, said it sold 99,060 vehicles last month, compared with the 192,248 it sold in February 2008.

The drop is another indication that mass layoffs, the stock market decline and sliding home values are prompting people to hold on to their cars longer. Those who are buying are more often opting for a used car or truck.

GM and Chrysler will report their sales later today.