Economic Research: Affordable Auto Sales

Tuesday 25 December 2012

Affordable Auto Sales

Even credit-challenged customers want to know when the best time to finance with bad credit auto loans might be. We know this because for the last ten years at Auto Credit Express we’ve been helping these buyers find a dealer. It’s also why we created our website – so people with poor credit could study issues such as the reference requirements for bad credit car loans and how credit report issues can affect credit scores as well as today’s news about the uptick in auto affordability as reported by Comerica Bank.Every quarter since 1972, Comerica Bank has released a report it calls its “Auto Affordability Index.” The report compares the median family income in the U.S. to the purchase price of an average-priced new vehicle to determine how many weeks it would take to cover the cost of a new car. The most current results, according to a press release from Comerica, are as follows:The purchase and financing of an average-priced new vehicle took 23.1 weeks of median family income in the fourth quarter of 2011, the best affordability reading since the third quarter of 2009. Consumers on average spent $1,050 less (a decrease of 4.0 percent) on new cars in the fourth quarter.