The purchase of an average-priced new vehicle in the United States took 24.6 weeks of median family income in the second quarter, according to the auto affordability index compiled regularly by Comerica Bank.
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The latest figure is down 0.1 week from the first quarter, and down 1.1 weeks compared to a year ago.
Including finance charges, the total cost of buying an average-priced light vehicle was $US28,479 in the second quarter, essentially unchanged from the previous quarter or a year earlier. Comerica estimated that median family income has increased 4.2% year on year.
“The cost of buying and financing a new light vehicle did not change much in the second quarter,” said Comerica Bank chief economist Dana Johnson.
“The average amount spent on a new vehicle fell $50 in the second quarter after dropping $450 in the first. The average financing rate for a car loan edged up 8 basis points to 4.86%. With gasoline prices high and house prices weak, the typical consumer continued to opt for relatively affordable cars and light trucks last quarter.”
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