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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.

New Civic, FCA UAW Agreement, Frankfurt | Autoblog Minute

FCA reaches a tentative agreement with the UAW, Honda reveals the all new 2016 Civic, and the Frankfurt Motor Show dazzles us again.Senior editor Greg Migliore reports in the Weekly Recap edition of Autoblog Minute Weekly. UAW/Unions Bentley Honda Jaguar Porsche Tesla Autoblog Minute Videos Original Video FCA porsche mission e civic

Recharge Wrap-up: Charging in Iceland, Smart "For" campaign, Honda open sources Smart Home

Iceland's EV charging network is expanding by 200 units. A subsidiary of Northern Lights Energy called EVEN is providing and installing the rapid chargers, which it hopes to have installed by the end of the year. EVEN's Gisli Gislasson says, "We couldn't wait for the government and decided to do our part in this." Iceland's government hopes to have 10 percent of the cars on its road powered by sustainable fuels by 2020. Read more at Iceland Review. Argonne National Laboratory is working to create universal charging for electric vehicles. Through its new Electric Vehicle Interoperability Center, the group is studying ways to standardize charging so any type of electric vehicle in any country can charge at any charging station. Additionally, the research is working on ways to better integrate electric cars to a smart grid, to the point where EVs could even act as part of the grid, charging when they need it and providing electricity during peak hours. Go to Phys.org for more details. Smart has launched its "For" campaign in Europe. The maker of the tiny city cars is reaching out to the public through updated branding, ads through various channels and social media engagement to get people thinking about Smart in fresh ways. The campaign emphasizes the "For" idea, as in "For challenging the status quo," "For loving the city," etc. Also as part of the campaign, Smart will be embarking on a Europe-wide roadshow to 15 different cities, where the public can learn more about the cars – particularly the Fortwo and Forfour models – and even arrange a test drive. Read more in the press release below. Honda is publicly sharing plans associated with its Smart Home project. The project, which goes beyond cars and into the home to look for ways to live efficiently and reduce CO2 emissions, involves sustainable energy and heating and cooling methods, smart lighting, sustainable building materials and waste management, passive design and, of course, vehicle charging. Now, technical details such as architectural plans, mechanical drawings, furniture specs and CAD data will be open-source and publicly available for any interested parties. Check out the Honda Smart Home website to learn more, or to start downloading the plans yourself. "FOR" brand campaign: smart: More than just a car Functionality, innovation and joie de vivre – these are the brand values that make smart so unique. smart sees itself as a future-oriented, visionary brand that stands for a great idea.