ATLANTA -

For consumers hoping they could stretch their finances to acquire a new vehicle, the newest Cox Automotive/Moody’s Analytics Vehicle Affordability Index (VAI) offered a bit of uplifting news on Friday.

Analysts discovered affordability improved in December, as represented by median weeks of income needed to purchase a new vehicle declined to 32.2 weeks from 33.8 weeks in November. Cox Automotive and Moody’s Analytics indicated the index was below the mid-point for the extreme highs and lows experienced in 2020 as every key variable — price paid, interest rate, incentives and income — posted substantial shifts throughout the year.

“In addition to higher incentives and lower rates, the December improvement was primarily driven by higher incomes assisted by projections of additional stimulus payments and enhanced unemployment benefits from the $900 billion package that was signed into law in December,” analysts said in commentary that accompanied the latest index reading.

With the improvement, Cox Automotive and Moody’s Analytics noted that the index is almost where it was in February before the pandemic, and affordability was slightly better this December compared to December 2019.

“The year-over-year change is due to lower rates and higher incomes, as prices are up, and incentives are down,” analysts said.

The Cox Automotive/Moody’s Analytics Vehicle Affordability Index is updated monthly using the latest data from government and industry sources, including key pricing data from Kelley Blue Book.

The next reading will arrive on Feb. 15.