SEB Lithuania's economist Tadas Povilauskas attributes this to rising wages.

According to Povilauskas, Lithuania's car affordability index this year surpassed that of Latvia, where an average earner can afford to buy a car worth 11,900 through leasing.

"The reason for this is that Lithuania's average net wage is higher than that in Latvia this year. This is thanks to (Lithuania's) tax reform," the economist said at a news conference on Wednesday.

However, Lithuania's index is still well below that of Estonia as the average wage gap between the two countries remains high, he noted.

An average earner in Estonia can afford to buy a car worth 17,400 euros, according to the survey.

Year-on-year, the average affordable car value rose by 12 percent in Lithuania, by 7 percent in Latvia and by 6 percent in Estonia.