Average cost of new car at 4-year high

Another reason to seriously consider a used car - shop around before you plunk down your hard-earned money on a new car.USATODAY.com - Average cost of new car at 4-year high in quarter

By Sharon Silke Carty, USA TODAY
DETROIT — The average cost of a new car during the third quarter was the highest in four years, according to the Comerica Auto Affordability Index.

The bank says that's because financing costs have been increasing and because consumers have used incentives to upgrade their vehicle choices.

Comerica says it took 26.2 weeks' worth of an average person's salary to buy a new car in the third quarter, up nearly six weeks from the second quarter of 2004, which was the most affordable period in 25 years. The index has been slowly creeping up this year, but the third-quarter jump was the biggest in years.