Good news for consumers: Cars are more affordable today than in 1997

Good news for consumers:

New cars are becoming more affordable for families, according to Comerica Bank. The average consumer spent $1,050 less (or about 4%) on a new car in the last quarter of 2011, making the average new car the most affordable it’s been since mid-2009, Comerica says. The average new car consumed about 23.1 weeks of median family income during the tail end of 2011. Overall, cars and vehicle financing are far more affordable today than they were in 1997, when it took about 31.5 weeks of family income to buy a car, and in 2006, when it took 27 weeks of income. Indeed, its a great time to buy a new car!