Comerica Bank: Auto Affordability Down in Fourth Quarter
Consumers spent an average of $900 more on new cars in the fourth quarter 2012 than they did in the third quarter, according to Comerica Bank's Auto Affordability Index.
Consumers spent an average of $900 more on new cars in the fourth quarter 2012 than they did in the third quarter, according to Comerica Bank's Auto Affordability Index.
A report by Comerica Bank indicated that the purchase and financing of an average-priced new vehicle took 23.1 weeks of median family income in the fourth quarter of 2011, the best affordability reading since the third quarter of 2009.
Auto affordability fell in the third quarter, continuing the declining trend since affordability peaked in 2009, according to Comerica Bank.
The purchase and financing of an average-priced new vehicle took 23.2 weeks of median family income in the first quarter of 2011, unchanged from its fourth quarter 2010 level.
The purchase and financing of an average-priced new vehicle took 23.6 weeks of median family income in the second quarter of 2010, according to Comerica Bank’s Auto Affordability Index.
The purchase and financing of an average-priced new vehicle took 23 weeks of median family income in the fourth quarter 2009, according to Comerica Bank's Auto Affordability Index.
The purchase and financing of an average-priced new vehicle took 21.9 weeks of median family income in the third quarter 2009, according to Comerica Bank's Auto Affordability Index.
Prestige Financial Services Inc. announced Monday that Comerica Bank will join Wells Fargo Preferred Capital and Bank of America Business Capital as lenders on Prestige’s line of credit.
The purchase of an average-priced new vehicle took 22.1 weeks of median family income in the second quarter 2009, according to Comerica Bank's Auto Affordability Index.
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