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| The average price of a new car hit $27,958, USA Today said. |
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NEW YORK (CNN/Money) -
The average cost of a new car raced to a four-year high in the third quarter, according to a report by a Detroit-based bank.
The average price of a new car was $27,958, including financing charges, up six percent from a year ago, according to Comerica Bank.
It took 26.2 weeks' worth of an average person's salary to buy the average new car in the third quarter. That's 1.5 weeks longer than in the previous quarter of the year, according to the report.
"Affordability deteriorated because financing costs rose sharply and because the average consumer reacted to the great deals that were available this fall by spending more, not less, for a new car," said Dana Johnson, chief economist at Comerica Bank, in a statement released by the bank..
The report incorporates data on consumer spending for personal-use vehicles and data on auto loan terms.
General Motors launched a "red-tag sale" that will allow anyone in the United States to buy vehicles at the same price employees of GM's auto parts suppliers pay.
Ford also announced it will offer a new incentive program, called the "Keep It Simple" plan and Chrysler introduced its "Miles of Freedom" promotion involving free fuel and maintenance.
Related stories:
GM returns to employee discounts
Ford offers new sales incentives
Chrysler wants to pick up tab at pump
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