Autos Become Slightly More Affordable in U.S.

It took 22.9 weeks of median family income to purchase and finance the average new car or light truck in the second quarter of this year compared with 23.2 weeks in the first quarter, according to Comerica Bank's Auto Affordability Index.

The Dallas, Tex.-based bank reports that consumers spent about the same amount on new vehicles in the April-June period as they did in the previous three months.

Comerica says tepid job creation and modest income growth dampened second-quarter U.S. auto sales despite very low interest rates. Americans appear to be unleashing pent-up demand in the current quarter, according to the bank. It notes that sales reached a relatively robust annual rate of 14.5 million vehicles in August.