Auto Affordability Remains Near Index Best, Comerica Bank Chief Economist Reports

Auto Affordability Remains Near Index Best, Comerica Bank Chief Economist
Reports

DALLAS, Aug. 17 /PRNewswire-FirstCall/ -- The purchase of an average-priced
new vehicle took 22.1 weeks of median family income in the second quarter
2009, according to Comerica Bank's Auto Affordability Index. This reading is
up 0.3 of a week, thereby representing a slight deterioration in affordability
compared to the prior quarter. Median family income was essentially unchanged
in the second quarter. The total cost of buying and financing a new car rose,
however, due entirely to the fact that consumers chose to buy more expensive
cars on average. The average price of a light vehicle purchased in the second
quarter rose by $300 to $26,300.

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"While consumers opted to buy more expensive vehicles last quarter, a sharp
drop in financing costs held down our affordability index," said Dana Johnson,
Chief Economist at Comerica Bank. "Reflecting the partial normalization of
credit markets, the average rate paid on a car loan at finance companies was
only 3.45 percent last quarter, the lowest level seen in five years. In the
current quarter, our affordability index very possibly will reach a new best
reflecting the cash-for-clunkers program that is now in place."

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 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. Comerica reported total assets of $63.6 billion
as of June 30, 2009. To receive e-mail alerts of breaking Comerica news, go to
http://www.comerica.com/newsalerts.

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SOURCE Comerica Bank

Media, Dana Johnson, Senior Vice President and Chief Economist,
+1-214-462-6839, djohnson@comerica.com, or Data Contact, Meaghan Derrick,
Research Assistant, +1-214-462-6815, maderrick@comerica.com, both of Comerica
Bank