Corporate Social Responsibility | Business Wire | PR NewsWire | Marketwire | Realwire | ACN/JCN newswire | 247pressrelease | PRWeb

Auto Affordability Reaches New Index Best, Comerica Bank Chief Economist Reports

Posted : Mon, 09 Nov 2009 21:39:54 GMT
Author : Comerica Bank
Category : Press Release
News Alerts by Email ( click here )
News | Home

DALLAS, Nov. 9 /PRNewswire-FirstCall/ -- The purchase and financing of an average-priced new vehicle took 21.9 weeks of median family income in the third quarter of 2009, according to Comerica Bank's Auto Affordability Index. The third quarter reading improved 0.6 of a week, pushing the latest Index reading to the best affordability on record. Median family income was roughly unchanged in the third quarter. The average total cost of a light vehicle, however, fell by $800 to $25,500. The drop mostly reflected a 2.4 percent decline in the average amount spent on a new car.

(Logo: http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO)

"The impact of the cash-for-clunkers program cannot be isolated in the data that we use to construct our Index," said Dana Johnson, Chief Economist at Comerica Bank. "However, the average amount that consumers spent on new vehicles in the third quarter was the lowest since early 2004. That along with the monthly pattern of sharp declines in July and August strongly suggests that the federal rebate program was largely responsible for the improvement in affordability this past quarter. In all likelihood, affordability will deteriorate modestly in the current quarter now that these rebates are unavailable."

This report incorporates the latest data on consumer spending on light vehicles and on the terms available on auto loans. The full history of the Index is available upon request.

Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $59.6 billion as of September 30, 2009. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts.

To receive this index directly to your email inbox, go to www.comerica.com/econsubscribe to subscribe.

SOURCE Comerica Bank


Copyright © 2008 PR Newswire. All rights reserved.

Share/Save/Bookmark

Article : Auto Affordability Reaches New Index Best, Comerica Bank Chief Economist Reports
Print this article
Share this article

Stay Updated

News gadget on your Google homepage
Subscribe to a news feed in Google Reader



Related News

Research and Markets: 2009 Plimsoll Analysis - Consulting Engineers - A Comprehensive Profile of 1000 Companies Operating in the UK Market
DUBLIN - Research and Markets (

Ryland Oil Announces Agreements to Purchase Eternal Energy Corporation and to Purchase Royalty
VANCOUVER, BRITISH COLUMBIA -- 11/26/09 -- Ryland Oil Corporation ("Ryland" or "the Company") (TSX VENTURE: RYD) is pleased to announce the following: Agreement to Acquire Eternal Energy Corporation Ryland and Eternal Energy Cor..

Easynews Offers Black Friday Deals for Current and New Subscribers
PHOENIX, Nov. 26 /PRNewswire/ -- Easynews, the world's original web-based Usenet site, announced their first annual Black Friday special, offering half price plan upgrades for all current and new subscribers. Any new or existing

Newshosting Offers Amazing $5 Black Friday Special
ASHBURN, Va., Nov. 26 /PRNewswire/ -- To ring in the holiday season, Newshosting has announced that on Black Friday they will offer their top-tier, unlimited NHXL access plan for only $5.00 for the first month of service. With over one year of ...

UseNetServer to Offer $5 Black Friday Special
ASHBURN, Va., Nov. 26 /PRNewswire/ -- This Black Friday, UseNetServer is offering new subscribers its finest Usenet access with UNS High-Speed Plus for only $5.00 for the first month of subscription. This is a great opportunity for new customer...

Deep Blue Marine, Inc. President Prepares to Purchase Shares in Open Market and Continue Operational Loans to the Company
SALT LAKE CITY, UT -- 11/26/09 -- Deep Blue Marine, Inc. (PINKSHEETS: DPBE) President and CEO Wilf Blum announced today that he is preparing to purchase shares in the open market for his corporate account and has committed personal funds to the co..

GE Healthcare Announces Plans to Manufacture High-Tech Medical Imaging Equipment in Russia and Opens Training Center in Moscow
MOSCOW - GE Healthcare, a unit of General Electric Company (NYSE:GE), and a leading Russian medical imaging manufacturer Medical Technologies Limited (MTL), today announced a strategic partnership to manufacture diagnostic imaging products in Russia, starting with GE Healthcare’s CT

Have your Say
Name
Email
Subject
Your Comment

Enter Verification code
 
  

 
Follow The Earth Times
Subscribe to RSS Follow Earth Times on TwitterNews by email
Share/Save/Bookmark
 
 



 
Subscribe to free Earthtimes
News Alerts by Email Click here
For RSS Feeds Click here
or Create your own RSS

Add to Google Toolbar
Breaking News
Press Releases

 


The Earth Times
News Category

© 2009 www.earthtimes.org, The Earth Times, All Rights Reserved | Privacy Policy
Earth Times accept no responsibility or liability either directly or indirectly for views or opinions expressed in articles or comments.