Luckily, at the moment, not all of the economic news is tragic.

According to economists from Comerica Bank, vehicles have currently become more affordable than has been seen in 28 years.  So, the last time vehicle shoppers’ purchases made up this small of a piece of his or her income, fuel prices were higher than ever and comedians were telling jokes about how old presidential candidates were.

Comerica claims that the average cost of a light vehicle currently is $27,704, including new car warranties, and the average amount of money that people spent on a vehicle fell $700 this quarter, to approximately $23,900.  Motorists have been keeping their payments down by stretching out how much time they will take to pay it off, which is currently more than 62 months.

Incentives have spurred the trend, which continue to get better as dealers try to get rid of inventory (they especially look appealing if you want to purchase an SUV or truck), but for the most part, motorists have just begun to want less-expensive models.