Auto Affordability Stable in Third Quarter, Comerica Reports
The purchase of an average-priced new vehicle during the third quarter of 2001 took 23.8 weeks of median family income, before taxes, according to the Auto Affordability Index compiled by Detroit-based Comerica Bank. This equals the revised 23.8 weeks of income required for purchase in the second quarter.
During the same quarter a year earlier, a new vehicle purchase took 23.2 weeks of income, the most affordable level recorded in the 22-year (1979-2001) period, Comerica reported.
The average new vehicle price in the third quarter was $23,685, up $251 or 1.1 percent from the second quarter. Median family income rose by 0.7 percent between the second and third quarters.
Comerica’s Auto Affordability Index is compiled from Commerce Department and Federal Re-serve data.