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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.

McLaren MP4-30 marks Honda's hotly anticipated F1 return

McLaren's Formula One fortunes have drastically dropped in performance over the past couple of seasons. The Formula One team with a dozen Drivers' Championships, eight Constructors' Titles and 182 grand prix victories to its name hasn't won a race since 2012, and finished the past two seasons down in fifth place. But now it begins a new era – or rather, restarts one. And this is the machine that's kicking it all off. After a 23-year parting of ways, McLaren has brought Honda back onto the grid for this season, and will be the only team running the Japanese automaker's brand-new RA615H turbocharged hybrid power unit. Both parties are undoubtedly hoping the rekindled partnership will bring them back to the winning days of the late Eighties when Ayrton Senna and Alain Prost memorably drove their equipment to four consecutive World Championships. Largely an evolution of last season's Mercedes-powered MP4-29, the new chassis features a new front-end design to comply with the latest adjustment to the regulations from the FIA, and also incorporates a slimmer rear end built around the new Honda engine and gearbox. It also features a revised livery that adds more black to the red and silver color scheme, and does without a title partner for the time being, but includes the logos of sponsors Mobil1, SAP, TAG Heuer, Johnnie Walker, Hilton, CNN and KPMG, as well as that of Honda. Though this season will likely be more of a transition and development year for McLaren and Honda, all eyes will surely be fixed on the team to see how the new MP4-30 will fare. Fortunately, they've lined up a compelling roster of drivers, lead by former World Champions Fernando Alonso and Jenson Button. McLAREN-HONDA BEGINS NEW ERA WITH MP4-30 #McLarenHonda #MakeHistory McLaren-Honda – the name evokes stirring memories of the past; of Ayrton Senna battling Alain Prost for supremacy; of classic red and white machines dominating for season upon season; of an iconic team writing one of the defining chapters in the motor racing history books. Reuniting such an illustrious partnership brings with it the heavy weight of expectation, but all at McLaren and Honda are working to write a fresh chapter in Formula 1, one that respectfully nods to the past, but boldly looks to the horizon. Today's reveal of the new McLaren-Honda MP4-30 – McLaren's first Honda-powered car for 23 years – speaks volumes about the progressive nature of both companies.

Baby Ford Ranger and electrified Dodge Challenger? | Autoblog Podcast #569

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Green Editor John Beltz Snyder. They address a couple interesting news topics, including an upcoming Ford pickup that's smaller than the Ranger, as well as a future electrified Dodge Challenger. They also opine about the new Honda Urban EV prototype that's scheduled to debut at the Geneva Motor Show. Then they talk about the cars they've been driving, including the new Subaru Crosstrek Hybrid, Volvo V60 and Audi A6. Finally, they take a question from Autoblog's recent Reddit AMA to help spend a Redditor's money. Autoblog Podcast #569 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Ford Focus-based pickup Electrified Dodge Challenger Honda Urban EV Cars we've been driving 2019 Subaru Crosstrek Hybrid 2019 Volvo V60 2019 Audi A6 Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: Green Podcasts Audi Dodge Ford Honda Subaru Volvo Truck Coupe Crossover Hatchback Wagon Electric Hybrid Performance