Despite Comerica Bank saying the latest economic trends might be better than the raw numbers indicate, Requisite Press insisted when it released its August Auto Buyer's Affordability Index (ABAI) on Wednesday that a growing economy is “simply not” enough to expand buyer access.

The August ABAI came in at 54.8, indicating that a prudent, median-income household can only afford 54.8 percent of the average new-vehicle price. Officials explained the ABAI has trended up since April, indicating improving affordability.

However, Requisite Press president Phil Kelton insisted there has been little corresponding increase in the limited number of affordable models, and near-term economic factors are unlikely to help.

The latest analysis from Comerica chief economist Robert Dye included an acknowledgement that U.S. payroll employment increased by only 142,000 in August, missing the consensus expectation of about 215,000. Dye noted the “weaker-than-expected jobs report” breaks the streak of six consecutive months where jobs increased by 200,000 more.

Dye pointed out two factors reduced the “sting” of the missing job growth goal, including:

— It was a strike-impacted month,

— The figure may eventually get revised higher,

Dye also mentioned the unemployment rate, which ticked up to 6.2 percent in July, resumed its downward track in August, ticking back down to 6.1 percent.

“Although U.S. metrics are generally improving, there are two important and divergent sub-stories,” Dye said.

“First, the loss of wealth, particularly among the baby boom generation, is an enduring drag on housing markets and consumer spending,” he continued. “Second story — labor markets are tightening up quickly. It is easy to forecast very tight unemployment rates two to three years out, marking the end of the slack economy.”

In light of all those dynamics, Kelton emphasized how important it is for consumers who are preparing for an immediate purchase to request best-price quotes from multiple dealers.

Requisite Press determined an August median-income buyer could only afford 22 of the 262 new-vehicle models priced less than $35,000 —  which whittles down to about 1 model in 12. The firm mentioned this ratio is up from 18 models in April.

Kelton explained the increase is due to rising household incomes, flat new-vehicle prices and low interest rates. However, while analysts expect incomes to continue increasing in the months ahead, Kelton stressed that it is also likely that prices and interest rates will increase.

“The good news is that informed consumers can enjoy a much greater selection without taking on long-term loans or waiting for lower list prices," Kelton said. “Prepared buyers that directly request best-price quotes from multiple dealers can easily expand their selection of affordable models — all without the hassle of negotiation.”