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Average new-vehicle transaction price hits a whopping new peak in December

Elevated prices for products and higher borrowing rates led to record high transaction prices for new vehicles in December, with the average cost in the U.S. rising to a record $49,507, according to data from Kelley Blue Book released today. The report notes that ATPs — average transaction prices — have climbed above suggested retail prices — MSRPs — for more than a year. Sales volumes were up in December on a year-over-year basis by more than 5%, a situation Kelley attributed to improved supply. Overall sales for 2022, however, were off 8% year over year. “The transaction data from December clearly indicates overall prices showed no signs of coming down as we headed into year-end,” said Rebecca Rydzewski, research manager of economic and industry insights for Cox Automotive. “Luxury prices fell slightly in December, but non-luxury transaction prices were up. Truck sales were particularly strong last month, and with many trucks selling for more than $60,000, a new record was all but inevitable.” Industry analysts claim the most obvious headwinds in the new car market are generated by higher interest rates, forced by the Federal Reserve's rate hikes intended to tame inflation, and by generally limited inventory. A recent report from J.D. Power showed that the average monthly payment for a new vehicle loan in December was $718, up $47 from a year ago. But 16% of consumers in December took out loans with monthly payments of over $1,000. Consumers think vehicles, and electric vehicles especially, are way too expensive. Fortunately, manufacturersÂ’ incentives, all but extinct in the past two years, are returning, especially in the electric-vehicle and luxury market, the Kelley data suggest. Plus, "With the new tax credits on the way, electric vehicle ATPs will drop lower for qualifying vehicles,” Rydzewski said. Non-luxury brands, such as Honda and Kia, showed particularly strong performance in December, with the average price paid at $45,578 — a record high and an increase of $994 month over month. Meanwhile, the average luxury buyer paid $66,660 for a new vehicle last month. Mercedes-Benz and Land Rover showed the most price strength in the luxury market, transacting between 2.6% to 6.5% over sticker price. But luxury brands Audi, BMW, Infiniti, Lexus, Lincoln, and Volvo showed the least price strength with some discounting in effect, selling 1% or more below MSRP in December, according to the survey.

Audi's Q8 Concept previews a 2018 personal luxury crossover

Audi revealed the Q8 Concept here at the 2017 Detroit Auto Show, and it's just as we expected: a Q7 with frameless windows, an oversized grille, and a rakish "coupe-like" roofline. This concept is an exaggerated example of a vehicle that will almost certainly enter production to do battle with BMW's vanity luxury utility, the X6, and Mercedes-Benz's GLE Coupe. The coupe moniker doesn't really apply, despite the German automakers' best attempts to redefine the word, but otherwise the Q8 Concept delivers. It's two inches shorter overall than a contemporary Q7, on a similar wheelbase, so the basic proportions of the thing should make the jump to production. View 14 Photos The driveline is equally plausible: a plug-in hybrid setup pairing a 3.0-liter TFSI V6 with a 17.9-kWh lithium-ion battery. The concept's V6 hypothetically makes 333 horsepower and 368 lb-ft of torque, and a single electric motor integrated into the eight-speed automatic transmission adds 100 kW (134 hp) and 234 lb-ft of torque to the mix. Those numbers certainly make sense, considering the gas Q7 makes 333 hp (albeit with a supercharger) and the existing Q7 e-tron, which isn't sold here, pairs a 17.3-kWh battery with a diesel V6. Since this is a concept, production intent or no, the range numbers are also a little theoretical, but here's what Audi claims: a 60-mile EV range, and a total range of around 621 miles. Not shabby if you're taking a long road trip. The adaptive air suspension should also make it a comfortable one. Inside, this is a four-place vehicle; no third row, and no center rear seat, as is the trend with these things. The cabin is very clean and modern – typically Audi, although exaggerated a bit. Expect it to be toned down some for production, but this concept interior is a glimpse into the future. We'll have to wait until next year to see something closer to production-ready, but it's coming. Related Video: Related Gallery Audi Q8 Concept View 30 Photos Image Credit: Live photos copyright 2017 Drew Phillips / Autoblog Green Detroit Auto Show Audi Crossover SUV Concept Cars Future Vehicles Hybrid Original Video 2017 Detroit Auto Show

Ford Mustang Mach 1 Spied, Audi debuted the 2017 TT RS in Beijing | Autoblog Minute

A quick recap of some of the weeks hottest stories. Eddie Sabatini reports on this edition of Autoblog Minute Weekly Recap. Audi Ford Autoblog Minute Videos Original Video mach 1 ford mustang mach 1