As new-car sales continue to slide in reverse, consumers who are in a position to invest in one are finding that they are a lot more affordable to drive these days. According to Comerica's Bank Auto Affordability Index, during the first three months of this year, it only took 21.5 weeks of the median family income to buy a vehicle. This is down from 22.8 weeks during the last quarter of 2008.
In terms of actual numbers, this means the average priced new-car cost $26,000 in the first quarter of this year, which allowed consumers to keep an extra $1,700 in their pockets. To lure customers into the showrooms, many of the automakers are offering cut rate financing and healthy rebates. And while you typically expect the domestic automakers to offer such deals, luxury import automakers like BMW and Mercedes - who are offering 0.9 percent financing and making the first two payments on select vehicles, are playing the incentive game too. With these type of incentives, it should be obvious why the cost of buying a new-vehicle is down significantly.
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