According to the Comerica Bank's Auto Affordability Index, today's automotive consumers are paying more to get into a new ride. During the last quarter of 2012, the purchase and financing of an average-priced new vehicle took 23.6 weeks of median family income. This means that consumers on average spent an average of $900 more on new cars in the fourth quarter than they did in the third quarter. A few factors that may be driving this includes slightly higher interest rates, consumers purchasing vehicles with more accessories and lower new-vehicle incentives.
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