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Price of Cars Relative to Income Higher, It's The Economy Stupid

Illustration for article titled Price of Cars Relative to Income Higher, Its The Economy Stupid

The Auto Affordability Index found that it's getting more expensive to buy a new car, as if we needed another reason to consider buying a vintage RWD import instead of something from a dealer's lot. In the third quarter of 2007, it took 24.8 weeks of median family income to buy an average-priced car or truck, compared to just 24.4 weeks in the same quarter of 2006.

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Including financing charges, the cost of buying an average-priced light vehicle was $29,024 for the quarter, up about $500 from 3Q06. Over the same period, the estimated median family income increased by only 4.6%. [Freep]

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DISCUSSION

@bd_juju: Well I'm a fat boy (no relation to the bomb) but reasonably priced Miatas are not really happening in the rust belt anyway. Not good snow cars either. I was leaning more towards a used Saturn but whatever.

Hell, I liked Geo Metros. I have few moral standards left. I got a 455 Olds and that's like having your own T-rex. If I have to cut back in other areas, oh well. It's a sacrifice I have to make for 20 annual runs in a 500 ft/lb car I can no longer justify.

I remember a better time.