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A heck of a lot of people think that new cars are too expensive. Comercia
Bank, the largest bank in Michigan, helped reinforce that notion by releasing some interesting affordability
statistics. It seems that an average-priced new vehicle took 26.2 weeks of median family income to pay
for, up 1.5 weeks from the prior quarter and upping the Auto Affordability Index to its worst point in four
years. The total cost of buying an average-price light vehicle was $27,958, up 6% from a year
ago.
Part of the reason the Auto Affordability Index increased was the ‘family pricing’ plans promoted by over the
past few months, which caused car buyers to buy vehicles that may have been more expensive than they normally would
have purchased.