New data from Comerica Bank's Auto Affordability Index shows that new cars are now the most affordable they've been since records started being kept in 1979.

In fact, the average new car is now $1,700 cheaper than it was during the last quarter of 2008. That's a massive price reduction. And we've got more price cuts coming because of oversupply.

Speaking of oversupply, The Detroit News reports that Chrysler has rolled out new incentives that give an additional $6,000 back on a number of its vehicles. But remember, if you buy a Chrysler, you must keep it for a minimum of 10 years because resale value is greatly in doubt.

So if you are in a financially secure position, it makes sense to be in the car market right now.

Meanwhile, a hybrid is now the No. 1 selling car in Japan for the first time. This is the first year that hybrids are cost competitive with traditional gas engine cars. That's thanks in large part to the new Honda Insight, which has an MSRP of $19,000 fully equipped.

But U.S. auto dealers are running it up in price, so give it a few weeks before you try purchasing.

Finally, have you gotten a robocall about an extended car warranty? The Detroit News reports there are some 35 firms in the St. Louis area behind these automated calls.

Extended car warranties are problematic to begin with, but you'd never, ever want to consider one that's not directly from the car manufacturer itself. Period.