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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 integrating Siri into select models

Honda has partnered up with Apple to bring Siri to the Accord, Acura RDX and ILX. Owners who have an iPhone running iOS 6 will be able to ask the software to perform a number of tasks via voice command using the vehicle's on board microphone and speaker systems. What's more, the tech will put the iPhone into an "eyes free" mode, which turns the screen off to help reduce distraction while driving. Honda says it has reworked its Bluetooth and HandsFreeLink systems to accommodate the Siri functionality. While the tech will only be available on three of the company's models right now, we imagine it won't be long before it shows up elsewhere.
As you may recall, Chevrolet integrated Siri into its products with vehicles like the Spark and Sonic, but Mercedes-Benz and Chrysler have also toyed with the tech to varying degrees. The seamless voice command seems to be light years ahead of the tech manufacturers are currently playing with. Check out the full press release from Honda below for more information.

Honda reveals next-gen Fit Hybrid

Psst! Remember late last month when we showed you those Japanese magazine scans purporting to show the next Honda Fit? The ones with the markedly more aggressive snout and Cuisinart-blade alloys? Yup, they were the real deal, but they weren't the standard model, they were images of the new Hybrid. We know this because Honda has just released a handful of images and some details on its forthcoming gas-electric hatchback, and the images line up perfectly.
The big story for the third-generation Fit Hybrid will be the fuel economy, naturally. Honda says it has achieved economy ratings of 36.4 kilometers per liter - 86 miles per gallon - on its home-market cycle, highest among all hybrid models in Japan and a 35-percent improvement over the current Fit Hybrid, a model not sold in the US.
Honda says it has achieved economy ratings of 86 mpg on its home-market cycle.