According to Comerica's Bank Auto Affordability Index released today, it took an average of 22.8 weeks to purchase a new car in the last quarter of 2008, up .5 weeks from the third quarter and down 1.3 weeks in compared to the last quarter of 2007.
Added to the time to pay off a vehicle are the rising interest rates on car loans, too. The total cost to buy an average light vehicle was $27,700, up $600 from the third quarter of 2008. This has also occurred while the medium family income has slid south.
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