DETROIT, Aug. 31 /PRNewswire-FirstCall/ -- The purchase of an average- price, new vehicle during the second quarter of 2005 took 24.7 weeks of median family income, according to the Auto Affordability Index compiled by Detroit- based Comerica Bank. This is virtually unchanged from the first quarter and from a year ago. Including finance charges, the total cost of buying a typical light vehicle was $26,315 in the second quarter, up 1.0 percent from the prior quarter and 3.4 percent from a year ago. Median family income rose by virtually the same amounts in percentage terms.
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"The affordability of light vehicles has been quite stable over the past ten quarters. Family incomes have been rising faster than vehicle prices, but higher interest rates have increased the cost of financing a new car," according to Dana Johnson, chief economist at Comerica Bank."
This report incorporates new data on median family income for 2004 released by the Bureau of the Census, and revised historical data on household spending on autos published by the Bureau of Economic Analysis. The entire history of the index is shown on a chart available at http://comerica.com/ or upon request from Marsha Halliburton (313-222-4568 or marsha_l_halliburton@comerica.com ).
Comerica Bank, the largest bank in Michigan, is a subsidiary of Comerica Incorporated (NYSE: CMA). Headquartered in Detroit, Comerica is strategically aligned by the Business Bank, Small Business Banking & Personal Financial Services, and Wealth & Institutional Management. Comerica focuses on relationships, and helping businesses and people be successful. Comerica reported total assets of $53.5 billion at March 31, 2005.
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Web site: http://www.comerica.com/
