miles otoole
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http://www.cnn.com/2005/AUTOS/11/17/car_price/index.html
No brakes: Car prices set record
The average cost of a new car at 4-year high of $27,958 due to higher financing costs.
November 17, 2005; Posted: 9:50 a.m. EST (1450 GMT)
NEW YORK (CNN/Money) - The average cost of a new car raced to a four-year high in the third quarter, according to a report by a Detroit-based bank.
The average price of a new car was $27,958, including financing charges, up six percent from a year ago, according to Comerica Bank.
It took 26.2 weeks' worth of an average person's salary to buy the average new car in the third quarter. That's 1.5 weeks longer than in the previous quarter of the year, according to the report.
"Affordability deteriorated because financing costs rose sharply and because the average consumer reacted to the great deals that were available this fall by spending more, not less, for a new car," said Dana Johnson, chief economist at Comerica Bank, in a statement released by the bank..
The report incorporates data on consumer spending for personal-use vehicles and data on auto loan terms.
No brakes: Car prices set record
The average cost of a new car at 4-year high of $27,958 due to higher financing costs.
November 17, 2005; Posted: 9:50 a.m. EST (1450 GMT)
NEW YORK (CNN/Money) - The average cost of a new car raced to a four-year high in the third quarter, according to a report by a Detroit-based bank.
The average price of a new car was $27,958, including financing charges, up six percent from a year ago, according to Comerica Bank.
It took 26.2 weeks' worth of an average person's salary to buy the average new car in the third quarter. That's 1.5 weeks longer than in the previous quarter of the year, according to the report.
"Affordability deteriorated because financing costs rose sharply and because the average consumer reacted to the great deals that were available this fall by spending more, not less, for a new car," said Dana Johnson, chief economist at Comerica Bank, in a statement released by the bank..
The report incorporates data on consumer spending for personal-use vehicles and data on auto loan terms.