DALLAS — With auto affordability improving in the fourth quarter of last year, dealers may see an influx of shoppers on their lots who had held off buying a new vehicle due to rising prices.

According to Comerica Bank, the purchase and financing of an average-priced new vehicle took 23.1 weeks of median family income in the fourth quarter of 2011.

This marks the best affordability reading since the third quarter of 2009.

On average, this drop in prices saved shoppers an average of $1,050.

Commenting on the news, Robert Dye, chief economist of Comerica Bank in Dallas, said,"Auto affordability improved at the end of 2011, boosted by gains in personal income that were, in turn, supported by stronger job creation.

"Household credit conditions are also improving, as shown by the low household financial obligations ratio, which measures total debt payments as a percentage of income. When you put those two concepts together, it means that households are increasingly willing to take on a reasonable amount of debt by purchasing an attractively priced automobile.

"Those favorable trends are allowing consumers to feel more confident about unleashing their pent-up demand for automobiles. Favorable affordability and improved job growth mean more upside potential for auto sales in early 2012,” he continued, noting a few reasons why consumers may be feeling more confident in 2012.

Officals also noted that this report “incorporates the latest data on consumer spending on light vehicles and on the terms available on auto loans.”