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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.
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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.
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