DETROIT, Feb. 8 /PRNewswire-FirstCall/ -- The purchase of an average-
priced, new vehicle during the fourth quarter of 2005 took 27.0 weeks of
median family income, according to the Auto Affordability Index compiled by
Detroit-based Comerica Bank. The latest reading is up 0.6 weeks from the
prior quarter, resulting in the worst reading for affordability in six years.
Including finance charges, the total cost of buying an average-priced light
vehicle was $29,200 in the fourth quarter, up 11 percent from a year ago.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO )
"Affordability has deteriorated over the past year because consumers are
buying more expensive cars, financing a larger portion of those purchases, and
paying higher interest rates on car loans," according to Dana Johnson, chief
economist at Comerica Bank.
This report incorporates the latest data on consumer spending on light
vehicles and on the terms available on auto loans.
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, Retail Bank, and Wealth & Institutional
Management. Comerica focuses on relationships, and helping businesses and
people be successful. Comerica reported total assets of $53.0 billion at
December 31, 2005.
To receive this index directly to your email inbox, go to
http://www.comerica.com/econsubscribe to subscribe.
SOURCE Comerica Bank
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Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO
PRN Photo Desk, photodesk@prnewswire.com
Related links:
http://www.comerica.com
http://www.comerica.com/econsubscribe
CONTACT:
Media Contact: Dana Johnson, Senior Vice
President and Chief Economist, +1-734-930-2401, or Data Contact:
Marsha Halliburton, Data Analyst, +1-313-222-4568, both of
Comerica Bank
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