Tuesday, February 14, 2012

Auto Affordability, Best Since 2009


According to Comerica Bank latest Auto Affordability Index Study, the average priced new-vehicle took 23.1 weeks of median family income during the last quarter of 2011, the best affordability reading since the third quarter of 2009.

Consumers on average spent $1,050 less, a decrease of 4 percent on new vehicles in the fourth quarter. This is a sign that the economy is headed in the right direction, since new vehicle purchases are a primary indicator of the health of the economy. The rising gas prices are the only item that we haven't factored in that could possibly send car sales into a tailspin.

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