Comerica Bank releases a report every three months known as the “Auto Affordability Index.” What the report does is take the median income for a family in the US and the average price of a new car and compares them to see how many weeks it would take to finance the purchase. The most recent one brings good news to people who are having a difficult time due to having bad credit.
Auto Credit Express breaks down the report in their latest blog. An averaged-priced new vehicle took 23.6 weeks of income to buy. Buyer spent $900 more on new vehicles in the fourth quarter of 2012 than in the third of the same year.
Even though there was a rise of late in prices, sales continue to be very good. Some of that is due to an up-tick because of Hurricane Sandy forcing many drivers back into dealership to replace destroyed cars.
What that means is that demand is rising and so will be interest rates. As of right now, you can still get yourself a great deal. If you’ve needed to purchase a vehicle but have been holding off, now is the time to take advantage of the affordability before it goes up.
Contact us at Bayside Chrysler Jeep Dodge and see why we love to say yes. We’ll help you find the new or pre-owned vehicle that suits your life-style. Follow us on Facebook and Twitter for all our monthly vehicle incentives.
