Latest Automotive Study: Consumers Paying More For New Vehicles

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.

4 Consumer Car-Buying Trends

• Thirty-seven percent of new-vehicle buyers say that fuel economy is a leading factor in their next purchase, according to Consumer Reports. At 17%, quality is now a distant second to fuel-economy. Based on this data, it suggests that consumers are open to purchase a vehicle with questionable quality, as long as the fuel-economy is exceptional.

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.