Auto Affordability Improves in the First Quarter, Comerica Bank Chief Economist Reports

To: BUSINESS EDITORS

Contact: Media, Dana Johnson, Senior Vice President and Chief Economist, +1-734-930-2401, or djohnson@comerica.com; or Data Contact, Marsha Halliburton, Data Analyst, +1-313-222-4568, both of Comerica Bank

DETROIT, May 9 /PRNewswire-FirstCall/ -- The purchase of an average-priced new vehicle took 24.7 weeks of median family income in the first quarter, according to the Auto Affordability Index compiled by Comerica Bank. The latest reading is down 1.5 weeks from the fourth quarter, and is also down 0.5 weeks compared to a year ago. Including finance charges, the total cost ...

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