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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.

Audi drives Laurel Canyon in reverse

With all its many twists and turns and narrow lanes, driving down Laurel Canyon Boulevard in Los Angeles demands your attention under the best of conditions. The driver caught on this video, however, is clearly not giving it his best. The driver behind the wheel of this new Audi – an S5 or maybe even an RS5 coupe, if our eyes and the low resolution don't deceive us – opted to drive down the canyon road entirely in reverse, with a woman in the passenger seat. The incident was caught on video by one Kevin Zanazanian, another motorist following behind. (Or would that now be considered in front? We're all turned around here). Fortunately the driver appears to have taken things at a rather leisurely pace. Which is a good thing, or at least a mitigating factor. While cars are designed to be able to back up, unless you're a stunt driver on a closed set, they're not meant to do so at speed. But then they're not meant to be driven backwards for extended lengths of time or distance, either. That's why local authorities are reportedly trying to track down the driver, who could have been held accountable for any number of infractions had he been caught in the act - including driving right through a red light, backwards, from the turning lane, across Hollywood Boulevard. With the video footage now in hand, the LAPD's West Traffic Bureau is reportedly working to determine who it belongs to, and who can be held liable for this stunt. With no injuries or damage reported, KTLA reports that the charges (however many of them) would not amount to more than misdemeanors. Related Video News Source: KTLA Government/Legal Audi Videos audi s5

Translogic 169: Racing against Audi's autonomous RS7

Translogic host Jonathon Buckley heads back to the Ascari Race Resort in Spain for an encounter with a track rival unlike any other. Watch as "Bucko" challenges "Bobby," Audi's autonomous Audi RS7 racecar to see who is quicker around the course. It's a classic tale of "man versus machine" in this episode of Translogic. Follow Translogic on Twitter and Facebook. Click here to subscribe to Translogic in iTunes. Click here to learn more about our host, Jonathon Buckley. Audi Autonomous Vehicles Racing Vehicles Translogic Videos