Comerica Bank Releases 3Q Affordability Report
DETROIT — Comerica Bank released its Auto Affordability Index for the third quarter late last week and found that the relative cost for an average-priced new vehicle for families has increased, though only by a small margin, and that families are making more money, as well.
According to officials, to purchase such a vehicle, it would cost 24.8 weeks of median family income.
That figure is up 0.2 weeks from the second quarter of this year and 0.4 weeks from the same time period of 2006, executives highlighted. Additionally, officials estimate that the total cost of purchase in the third quarter was $29,024.
However, median family income has climbed 4.6 percent on the year, the company noted.
Officials also point out that the amount spent on new cars rose $500, an amount offset, however, by a 0.4 percent drop in rates for financing.
Essentially, the company states, purchasing and financing costs increased at a moderately higher rate than median family income.
For more information, visit www.comerica.com.