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Vehicle Affordability Even With Financial Crisis and Lower Incomes

Regardless of increasing costs of financing and falling domestic income, cars are more reasonable than they were this past winter and spring.

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As Comerica Bank found in its most recent Auto Affordability Index, which looked at vehicle purchase price, domestic income indicators, and other factors for the third quarter of the year—July through September.

The average total cost (including financing) for a new car or SUV went down by $300, to $27,600. That 1.4% cut in standard price can be compared to a cut in median family income of 0.2% during that time. The consequence: A weak increase in affordability.

Comerica, though, that people were buying less expensive motor vehicles during the phase which maybe tilted the statistics to point to better affordability. “With the recovery slowing and confidence unstable, consumers bought somewhat less expensive cars on average in the third quarter, thereby contributing to the improvement in affordability,” as stated by Dana Johnson, Chief Economist at Comerica Bank.

Also during the phase, lenders started lessening the reward strings with faintly less desirable terms and higher outlay of financing—boosting the amount of an average vehicle credit by $200 and its length by a month. However, during October, even with car manufactures offering fewer incentives, auto sales proved to be one of the godlen marks of the U.S. economy.

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