Despite a Transformers promotion that added $1,000 to many rebates and zero percent financing, GM’s sales in June were, in the words of Automotive News, “absolutely horrific.” Translation: they “plunged 21.7 percent…from last year.”

Well, the post-holiday rebates are out and, shockingly, they’re lower in nearly all cases. In the case of the Cadillac DTS the rebate is $3,500 lower than it was over the holiday week. In most cases the drop was between $1,000 and $1,500, that bonus cash going away and in some cases taking part of the base rebate with it.

This strikes me as an odd solution to plunging sales. Quite likely, it’s just the calm before the storm. If GM wants to keep selling cars, it’ll have to raise rebates above the July 4th levels, not cut them.

In other words, I wouldn’t buy a car right now.