Record-high gas prices proved to be detrimental to new car sales earlier this year, but $4 gas appears to be no match for the slumping economy and an ever-tightening credit market. New cars sales are expected to plummet, once again, in October, with sales tallying their lowest marks since 1992.

According to a new forecast released on Thursday by Edmunds, new car sales will see s sharp 29 percent decline in October. If that prediction turns to reality, it would be the second straight month with a 25+ percent sales decline, with sales totaling just 872,000 units for the month of October.

Nissan, Honda and Toyota are all expected to post sales declines – of 29, 17 and 16 percent, respectively – but the Big Three are expected to lead the way with monumental sales declines. Per Edmund’s forecast, both Ford and Chrysler will see 34 percent declines while General Motors will see a massive 41 percent decline in sales.

“All of the frenzied speculation about the future of Detroit’s automakers, ranging from mergers to bankruptcies, surely adds to the consumer’s retreat from buying a car,” Michelle Krebs, an Edmunds senior editor, told Automotive News.

If October’s forecast were to continue through November and December, new car sales could decline 15.8 percent to 13.6 million units, the second largest percentage decline since 1980’s 19 percent drop off.

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