When you take the amount of income it takes to buy a new car American families are spending less than they have since 1980, according to Comerica Bank’s recent auto affordability index. The index determines how many weeks of income it takes to own a new car. That figure is now at 23.6 weeks of income for the median family which makes $58,000 a year. That number is up 5% over last year.
The other major factor in the survey is the average cost of a new car or light truck has fallen 5% in that same amount of time. We’ve anecdotally noticed new cars being packed with more features while retail prices rise incrementally. Another factor, of course, is the recent burst in low-financing offers that take away some of the sting from a new car purchase.
In the story from the Detroit News, we found the real-life consumers they quoted a bit misleading. They talked to two recent new car buyers that were amazed at how far their dollar went but both traded in older, large SUVs – one of the most expensive new vehicles you can buy – for sedans or wagons. We would have liked to hear from someone who bought an identical model and spent less than the time before. Is there anyone out there that can back up the study and its findings?
[Cars, Trucks Take Less Bite From Wallets, The Detroit News]
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