The average price of a new vehicle rose slightly to $27,642 in the third quarter of this year, according to Comerica Bank. But families have more money to spend, notes the bank's auto affordability report.
The third quarter's average vehicle price was 1.9-percent higher than the $27,123 recorded by the report for the second quarter of this year. One year ago the average stood at $27,029. That marks an increase of $94, or 0.3 percent, over the past year.
While the average price is climbing, the average family uses less of its income to pay for that vehicle.
In the third quarter, it took the median family 20.8 weeks of pay before taxes to purchase a vehicle, Comerica said. That compares to 21 weeks of pay a year ago.
The average family income is up 3.8 percent from the year-ago period.
Comerica bases the information compiled for its auto affordability index on information compiled from the U.S. Commerce Dept. and the Federal Reserve.