The Car and Truck Fleet and Leasing Management Magazine

Cost of Average-Priced New Vehicle Rose Slightly During Third Quarter

December 6, 2004

DETROIT — The purchase of an average-priced new vehicle during the third quarter of 2004 took 20.8 weeks of median family income, before taxes, according to the Auto Affordability Index compiled by Detroit-based Comerica Bank and released December 2.This is 0.3 weeks less affordable than second quarter´s revised 20.5 weeks. Total cost, including financing charges, came to $27,642 in the third quarter, 1.9 percent up from second quarter 2004, and 2.3 percent above year-earlier levels. Median family income rose 0.8 percent from the second quarter, and is up 3.8 percent from a year ago."New vehicle purchases in 2004 are still on track to be at their most affordable level since 1978," said David Littmann, chief economist, at Comerica Bank. "A year earlier, the average vehicle purchase absorbed 21.1 weeks of pre-tax income. Year-to-date the absorption rate is 20.8 weeks, versus 21.0 weeks for the comparable three-quarter average in 2003."
Twitter Facebook Google+


Please note that comments may be moderated. 
Leave this field empty:

Fleet Incentives

Determine the actual cost of owning and running a vehicle in your fleet. Compare vehicles by class and model.


Fleet Tracking And Telematics

Todd Ewing from Fleetmatics will answer your questions and challenges

View All


Fleet Management And Leasing

Merchants Experts will answer your questions and challenges

View All


Sponsored by

Jack Taylor founded Executive Leasing in 1957 with just seven cars in the lower level of a Cadillac distributorship.

Read more

Up Next

More From The World's Largest Fleet Publisher