Comerica Bank reported that the purchase of an average-priced new vehicle during second quarter 2001 required 23.4 weeks of median family income, before taxes. The Detroit bank's Auto Affordability Index said it required 23.2 weeks of income in the first quarter.
During the same quarter of 2000, a new vehicle
purchase took 23.4 weeks of income.
The average new vehicle price in the second quarter was $22,199, up $162 or 0.7 percent from the year-earlier price.
Comerica's Auto Affordability Index is compiled from Commerce Department and Federal Reserve data.
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