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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.

Jaguar wants to become the British electric company

Jaguar has been telegraphing its electric future for years, and this week we're beginning to see it come to fruition. The company's Formula E race team officially launched September 8 with sponsorship, livery, and an interesting name for its racecar, the I-Type 1. It marks Jaguar's return to factory-supported racing and serves as a model for the company's future strategy. "The Formula E championship will enable us to engineer and test our advanced technologies under extreme performance conditions," Nick Rogers, executive director of product engineering at Jaguar Land Rover, said in a statement. "We will apply this vital knowledge as part of our real-world development." Formula E competition starts October 9 as the all-electric racing series begins its third season. Panasonic signed on as the title sponsor of the team. Formula E is a natural move for Jag and allows the British company to remain true to its racing heritage while still looking toward. The company claims seven Le Mans titles, which is the fourth-most in history, even though it hasn't won one since 1990. That's a great lineage, but Jaguar knows it's getting dusty. Launching a Formula E effort allows it to compete in a form of motorsports that should prove relevant to road-car technology. Jag is drawing on Williams Advanced Engineering (you might have heard of its F1 team) for the electric powertrain. Williams also helped with the development of Jaguar's C-X75 plug-in concept car. Meanwhile, we also captured an F-Pace crossover silently testing this week in the Alps. Though it looks like a normal F-Pace, spy shooters report it was producing no engine noise, leading (or perhaps leaping) to the conclusion it's the rumored electric SUV Jaguar is working on. Likely, this prototype has a diesel engine as a range extender. View 11 Photos Though the camouflaged F-Pace is great fodder for speculation, Jag's electric efforts are not a secret. Jaguar and Land Rover showed off three electric-vehicle demonstrators last year and the company is exploring everything from mild hybrids to full electric powertrains. JLR has filed paperwork to secure trademarks for I-Pace and E-Pace. "JLR is definitely rushing headfirst into electrification," said Ed Kim, vice president of industry analysis for research firm AutoPacific.

Watch feds crush classic Mini caught in importation dragnet

Fair warning for any classic car fans that suffer from high blood pressure: this story might not be good for your health. US Customs and Border Protection is teaming up with British law enforcement to keep unsafe, imported vehicles off the road here – like this Mini. In the government's view, the only way to make things right is to crush the cars, apparently. The destruction is part of Operation Atlantic, a crackdown on Minis and Land Rover Defenders that are being illegally imported. According to Yahoo Autos, this is just one of about 100 vehicles from the dragnet. This specific car came into the US in June, and its VIN indicated a model from 1988. However, the vehicle had a different engine than it should have, and the steering wheel was on the wrong side. It was likely actually from around 2000. To emphasize the crackdown, government officials and press gathered at a New Jersey junkyard to destroy the car. Check out the video below to watch the carnage and listen to the horrible crunching noises, and read the sad press release below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Trans-Atlantic Partnership Seeks to Crush Illegal Trade of Unsafe Vehicles NEWARK, New Jersey-U.S. Customs and Border Protection (CBP) destroyed an illegally imported and unsafe Mini Cooper Thursday at a salvage yard in New Jersey following a recent seizure at the Newark Seaport. CBP captured photos, b-roll and principal sound bites for use by news media. This Mini is just one of dozens of vehicles intercepted at ports of entry across the U.S, including ports in Baltimore, Philadelphia, Norfolk, Virginia, Charleston, South Carolina, Savannah, Georgia, Jacksonville, Florida, Houston and Tacoma, Washington. Over the past year, CBP has increased targeting and inspections of suspect imported vehicles, specifically Minis and Land Rover Defenders, as part of Operation Atlantic, a new trans-Atlantic partnership between U.S. and U.K. regulatory and law enforcement officials. "Intercepting illegal and unsafe imports is a top priority for CBP," said Brenda Smith, CBP's assistant commissioner for International Trade. "Through Operation Atlantic, we are stopping illegally imported, unsafe vehicles from driving on our roadways, and at the same time, partnering with our colleagues in the UK to stop this criminal activity at its source." Launched in March 2014 by CBP's Commercial Targeting and Analysis Center (CTAC), U.S.