(November 17, 2010) The average total cost of buying and financing a new car dropped by $300 to $27,600 in the third quarter of 2010, a 1.4 percent decrease from the second quarter, according to Comerica Bank's Auto Affordability Index.

In paycheck terms, it took families an average of 23.8 weeks of their income to pay for a new vehicle. This change in affordability was due, in part, to the fact that median family income grew by 0.2 percent in the third quarter, the bank reported.

"With the recovery slowing and confidence shaky, consumers bought somewhat less expensive cars on average in the third quarter, thereby contributing to the improvement in affordability," said Dana Johnson, chief economist at Comerica Bank. "However, the cost of financing new cars rose somewhat, as buyers extended the length of their car loans by a month and increased the average size of their loans by $200."

 You can find the most affordable car for your  budget by using Edmunds' True Market Value tools, including the True Market Value Predicted Prices Trends, which forecast prices for most models over the course of the next 30 days. This information helps you decide whether you should buy now or wait to buy the vehicle you've been researching. Also very helpful is the Edmunds Affordability Calculator, which helps you plan your new car purchase to stay within your household budget.

-- Edmunds.com