The purchase of an average-priced new vehicle during the third quarter of 2003 took 19.9 weeks of median family income, before taxes, according to the Auto Affordability Index compiled by Detroit-based Comerica Bank.

This is 0.1 week more affordable than second quarter’s 20.0 weeks. Total cost, including financing charges came to $25,523 in the third quarter, 0.5 percent up from second quarter 2003, but 4.0 percent above year-earlier levels. Median family income rose 1.0 percent from the second quarter, and is up 3.8 percent from a year ago, according to Comerica.

"This level of affordability matches the year-ago third quarter level which represents a 24-year record," according to David L. Littmann, chief economist, at Comerica Bank. "Despite modest increases in auto financing rates and length of loan during the third quarter, rising income, employment, and consumer sentiment should bolster auto sales over the next two quarters."

Comerica's Auto Affordability Index is compiled from Commerce Department and Federal Reserve data. The index fully reflects Commerce’s data revision since 1999.

About Comerica Bank

Comerica Bank, the largest bank in Michigan, is a subsidiary of Comerica Inc. Headquartered in Detroit, Comerica is strategically aligned by the business bank, small business banking and personal financial services, and wealth and institutional management.

Comerica says it "focuses on relationships, and helping businesses and people be successful."

Comerica reported total assets of $59 billion at June 30, 2003.

For more information, visit www.comerica.com.