Heavy Lifting - thoughts and web finds by an economist
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Friday, May 08, 2009
The Comerica Auto Affordability index suggests that it takes between 21 and 22 weeks of family income to purchase a new car - the lowest in the past 30 years - heck the lowest ever?
Assume an individual works 50 weeks a year and finances a car over six years or 312 weeks. The 22 weeks it takes to purchase the vehicle represents around 7% of the total time but an individual who earsn $40,000 per year in take home pay and spends $400 per month on an automobile spends 12% of their take-home income on their car.
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