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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.

2021 Kia Sedona's new look revealed as Korean-market Carnival

Last week, Kia showed teaser sketches of the next-generation Carnival, which we'll get as the 2021 Kia Sedona. Now the company has released actual photos of the minivan with the Carnival nameplate. No other information about powertrains or features have been announced, but there's plenty in the design to take a look at. Overall, the Sedona has a boxy, upright design seemingly more inspired by crossovers than traditional minivans. The low ride height and tall body do give it away as a van, though. Other crossover design cues include the faux skid plate panels on the front and rear bumpers. Look closer, and you find some really fascinating details across the van. At the front, you find an intricate variation on the Kia "Tiger Nose" grille with intersecting chrome diamonds. You'll also find that the LED running lights run out from the headlights and down the lower section of the grille surround. Hidden just inside the grille are the high beams for the headlights, and the lights each have chrome eyebrows. Along the side, a strong shoulder line blends into the door sliders, and the C-pillar is the most prominent of any modern Kia. It has a sort of chrome or aluminum finish with a light diamond cross-hatched pattern molded into it. At the back, there's a full-width taillight housing with LED elements. In the middle section, there are little chrome highlights just behind the red plastic adding another fine detail to admire. As previously mentioned, Kia only revealed photos of the new van, and no information on what's powering it or what other features it will have. It could continue using the 276-horsepower 3.3-liter V6 in the current Sedona, or it could upgrade to the 291-horsepower 3.8-liter V6 from the Telluride. There's also the possibility of using a turbocharged four-cylinder or possibly both a four-cylinder and a V6 depending on trim levels. We should know more closer to the on-sale date. It goes on sale first in South Korea at the end of the year's third quarter and other markets some time after. Related Video:    

Kia's brand perception still painfully lags behind reality

I can't tell you how many times I've been driving with friends or family in a decidedly nice Korean press car, only to have a passenger notice the logo on the steering wheel and exclaim, "Wait... this is a Kia?" For every time I roll my eyes at a story with a lede about how Hyundai "is really gaining momentum these days," I get equally annoyed when people comment on how Kia is finally starting to make decent cars. This is hardly news. The brand has been pumping out really solid stuff for a while now.
But as it turns out, not everyone knows that. According to Ward's Auto, speaking to Kia marketing chief Michael Sprague, the automaker recently placed third-to-last in a recent ALG Brand Perception of Quality study, only besting Suzuki and Smart. Wow.
Ward's notes that Kia recently earned a credible sixth place in J.D. Power & Associates' Initial Quality Study, and yet still fell way behind pretty much every other brand in the ALG study. The Korean automaker's cars have also won numerous awards in recent years, and have generally earned positive reviews from the media, Autoblog included.