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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.

Honda issues 'do not drive' order for older cars with recalled Takata airbags

Honda and Acura instructed owners of more than 8,000 cars built from 2001-2003 to park them until they can have their Takata airbags replaced as part of the ongoing global campaign to eliminate millions of deadly inflators. Honda says the "Alpha" generation Takata inflators can fail at rates as high as 50%, causing potentially fatal injuries from flying shrapnel in the event of a collision.  Honda and Acura models with the "Alpha" generation Takata airbags include:  2001-2002 Honda Accord  2001-2002 Honda Civic  2002 Honda CR-V  2002 Honda Odyssey  2003 Honda Pilot  2002-2003 Acura 3.2 TL  2003 Acura 3.2CL "Approximately 8,200 Honda and Acura vehicles with the most dangerous airbags are still being driven today. Honda has replaced or accounted for more than 99% of Alpha inflators, but it is absolutely critical that these remaining vehicle owners act now to protect themselves and their loved ones," Honda's announcement said. "These vehicles are 20 to 22 years old now, and the risk to vehicle occupants is dire. Alpha air bags are some of the oldest under recall, and they have a 50% failure rate. If the inflators rupture, the metal fragments ejected toward the driver’s face could kill or leave them with devastating, life-altering injuries." Honda and Acura are far from the only brands whose models were built with defective inflators. A campaign has been underway for the better part of a decade to replace millions of the devices worldwide as drivers continue to die from injuries caused by exploding inflators.  All such repairs are free of charge to customers. Acura/Honda Customer Service can be reached at 888-234-2138 or by visiting their Takata website.   Recalls Acura Honda Ownership Safety Takata airbag recall

Watch this perfect parody of Ken Block's Gymkhana videos

Every one of Ken Block's Gymkhana videos is bigger and more ridiculous than the last. The goal at this point seems to top the previous production, be it with a custom AWD Mustang ripping through the streets of Los Angeles or a rally-prepped Ford Fiesta drifting around Dubai. Well, the YouTube channel Car Bros decided that the format was ripe for parody and have produced their own short video. It's called "Gympkhana: A #Viral Car #Action Video" and it captures everything that is overwrought and fun about the Gymkhana series. While the scale of Block's videos has increased and the productions are still entertaining, every new Gymkhana seems to rehash the same sights and sounds without really trying anything new. Rev the engine here, drift around there, spin 10 times inside this box, and then circle around that object. Rinse and repeat and repeat and repeat. Car Bros have produced a number of parody videos and the group seems to really get the finer details of the subjects they're spoofing. Everything you would expect from a Block video is here. Gympkhana features shaky title cards, gratuitous slow-motion camera work, and multiple drone shots with helicopter sounds dubbed in. It's obvious that the group took their time to plan out and capture the perfect low-budget Gymkhana. These guys prove that you don't need big, expensive productions with exotic vehicles in exotic locations to have some fun with a few cameras and a car.Related video: Auto News Humor Honda Wagon gymkhana