Mexican Media Brands
Buying New Car Takes Bigger Bite Out of Income
It took 23.6 weeks of median family income to purchase and finance the average new vehicle in the U.S. during the fourth quarter of 2012 compared with a revised 23.2 weeks in the third quarter, according to Comerica Bank's Auto Affordability Index.
#economics
Share
It took 23.6 weeks of median family income to purchase and finance the average new vehicle in the U.S. during the fourth quarter of 2012 compared with a revised 23.2 weeks in the third quarter, according to Comerica Bank's Auto Affordability Index.
The Dallas, Tex.-based bank says new cars have become a little less affordable because of slightly higher interest rates and a quarter-over-quarter increase of $900 in the average amount spent on a new vehicle. Those factors more than offset a modest increase in median household income, Comerica says.
RELATED CONTENT
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.
-
Porsche Doubles EV Target for 2025
Porsche AG says about half the vehicles it sells by 2025 will be equipped with hybrid or all-electric powertrains, twice the ratio it forecast four weeks ago.
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data