The Auto Channel
The Largest Independent Automotive Research Resource
The Largest Independent Automotive Research Resource
Official Website of the New Car Buyer

Comerica Reports Auto Affordability Easiest in 23-Years

DETROIT, Feb. 14 The purchase of an average- priced new vehicle during the fourth quarter of 2001 took 21.9 weeks of median family income, before taxes, according to the National Auto Affordability Index compiled by Detroit-based Comerica Bank. This represents a 1.8 week improvement over the revised 23.7 weeks of income required for purchase in the third quarter. During the fourth quarter a year earlier, a new vehicle purchase took 23.7 weeks of income.

Zero-rate financing and other price incentive programs made fourth quarter 2001 the most affordable level recorded in 23 years, Comerica reported. The average new vehicle price in the fourth quarter was $22,675, down $909 or minus 3.9 percent from the third quarter. Improved auto affordability occurred at a time when family income flattened between third and fourth quarters.

Comerica's Auto Affordability Index is compiled from Commerce Department and Federal Reserve data.

Comerica Incorporated is a multi-state financial services provider headquartered in Detroit, with bank subsidiaries in Michigan, California and Texas, banking operations in Florida, and businesses in several other states. Comerica has an investment services affiliate, Munder Capital Management, commercial banking operations in Canada and a commercial banking subsidiary in Mexico.