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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.

2013 Honda Fit Sport

Revisiting The Runabout Of Record
The current Honda Fit has been around the block a few times. The subcompact hatch has soldiered on without significant revision since its first update for US customers in 2009, and while Honda is on the verge of launching a third generation, we thought we'd take the time to see how the runabout stacks up against the new wave of small, efficient and plucky five-doors now on the American market. Those include old standbys like the Nissan Versa and Toyota Yaris, as well as relative newcomers like the Chevrolet Sonic and Ford Fiesta.
Those machines may have all covered ground on the Fit, but Honda's wee machine holds a pleasant surprise for those buyers still willing to give the car the time of day. While the rest of the Japanese automaker's lineup has succumbed to dreaded model bloat, the Fit has remained true to the spirit of Honda that we remember from our vagabond youths. This may very well still be the closest genetic ancestor to the Civic models of old.

Honda Civic Tourer to debut at Frankfurt

Honda will be bringing its new Civic Tourer to next month's Frankfurt Motor Show, just as we predicted in our spy shots of the new MPV from back in April. The new model, which will arrive in European dealers in 2014, will be built alongside Honda's Euro-spec Civic hatchback, Jazz (Honda Fit) and CR-V in Swindon, Wiltshire, UK.
Honda first hinted at the Civic Tourer with a concept at the 2013 Geneva Motor Show, which is set to do battle with the Toyota Auris and Volkswagen Golf in the European market. The production Civic Tourer will also be shown alongside a refreshed Civic hatchback, yet another NSX Concept variant, a McLaren MP4/4 Formula One car, and Honda's World Touring Car Championship Civic.