DALLAS, May 12, 2011 /PRNewswire/ -- The purchase and financing of an average-priced new vehicle took 23.2 weeks of median family income in the first quarter of 2011, unchanged from its fourth quarter 2010 level.  Consumers on average spent $400 more (an increase of two percent) on new cars in the first quarter.  The average rates on car loans during the quarter increased to 4.7 percent, the highest average since the first quarter of 2009.  

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"The total cost of purchasing a new vehicle increased approximately $425 in the first quarter of 2011, as consumers opted for more expensive cars against a backdrop of rising rates," said Dana Johnson, Chief Economist at Comerica Bank in Dallas.  "Looking ahead, affordability has the potential to erode as financing costs and consumer appetites for more expensive vehicles increase."

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. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts.

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SOURCE Comerica Bank