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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.

2015 Honda Civic Type R to sire next-gen CR-Z?

Salt shakers at the ready, boys and girls. There's a rumor out of Australia claiming the next Honda CR-Z will be based on the forthcoming 276-horsepower, turbocharged Civic Type R. Apparently Honda's research and development bigwigs have been unnerved by the reception of the Scion FR-S/Subaru BRZ twins and are eager to return fire.
Now, don't get too excited - Honda isn't following the Volkswagen model of offering virtually unchanged mechanicals in a different bodyshell (Beetle Turbo and GTI, for example). Instead, the report says the future CR-Z will retain its hybrid powertrain, albeit with a serious kick in the pants. A prototype is said to already be zipping around Japan with a turbocharged, direct-injected, 1.5-liter, four-cylinder engine and the current CR-Z's electric motor and battery pack. With a reported 221 horsepower mated up to a seven-speed, dual-clutch transmission (say buh-bye to the CVT and six-speed manual) and the next-gen Civic platform underneath, the rumored CR-Z has all the makings of a hot hatch riot.
Of course, this all sounds wonderful. This is also the point where you should be enjoying that salt. We really like the idea of a properly hot CR-Z that can compete with John Cooper Works Mini models and the new Ford Fiesta ST, but the three-door hybrid has been such a slow seller for Honda in the US that it might not field a second generation here, no matter how improved it might be. Let us know what you think of an amped-up CR-Z in the comments. Is it a good idea, or is this one Honda model that's just too far gone?

Honda shifts CR-V production to Canada as UK focuses on Civic

Honda is reshuffling its global production in a somewhat bizarre way. Under the newly announced plans, the European version of the CR-V will no longer be assembled locally, but the region will become the hub for some Civic production. As part of this new strategy, Honda's Canadian manufacturing operations will become responsible for building the next-gen version of the European CR-V. Once assembled, the popular crossovers will then be exported back across the Atlantic. The investment to make these changes comes from 875 million Canadian dollars ($690 million) already allocated by Honda for expansion there. The current European CR-V (pictured above) is made in Swindon, England, and with that model moving to Canada, the site fulfills the second part of this production shuffle. Honda will invest 200 million pounds ($300 million) there to make the location a global production hub specifically for the next-gen Civic five-door hatchback. The examples made in the UK will be not just for Europe but also will be "exported to key global markets," according to the automaker. Honda now confirms one of those markets to be the US, and a recent rumor suggests the company sending over around 40,000 of them a year. Related Video: HONDA OF CANADA MFG. EXPANDS EXPORT DESTINATIONS WITH EUROPEAN SPEC CR-V ALLISTON, ON (March 30, 2015) – Honda of Canada Mfg. (HCM), a division of Honda Canada Inc., announced today that it will produce the next generation CR-V model for the European market. This will be the first time that HCM will export vehicles to Europe. Today's news follows Honda's recent announcement that it will invest $857M in its Canadian facilities, as it prepares for production as the global lead plant for the next generation Honda Civic, Canada's best-selling passenger car for the past 17 years. "Honda is thrilled to once again have good news for automotive manufacturing in Canada by broadening our production portfolio to include exports to the European market," said Jerry Chenkin, President and CEO of Honda Canada Inc. "This expansion decision was made possible due to our deep, mature, and rich talent pool with nearly 30 years of automotive manufacturing experience. We are so proud that our Canadian associates have the reputation of producing high quality vehicles that will meet the needs of the discerning European customer." The announcement further solidifies Honda's already deep roots and commitment to Canada.