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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.

2014 Kia Cadenza

Teenage passengers are often among the first people I turn to for second opinions about a test vehicle. While they understandably aren't allowed behind the wheel - most aren't even old enough to drive - their honest and generally unbiased observations, coupled with a complete lack of understanding about what a particular vehicle costs, can provide a wealth of insight.
An open-minded approach is especially important when taking a closer look at the 2014 Kia Cadenza, a premium sedan from an automaker best known for providing affordable transportation for entry-level buyers. But unlike the Rio and Forte, low-priced compacts designed to cater to consumers looking for fuel economy and value, this more substantial four-door sedan asks for twice the out-of-pocket investment in exchange for promises of luxury and technology.
With an impartial mindset and a genuine curiosity, I recently spent a week with the more substantial Cadenza to see if it could live up to its aspirations.

Kia GT to debut in Paris, production in 2017

After years of waiting, the Kia GT four-door coupe (concept pictured above) could finally debut in production guise at the Paris Motor Show in October, and the brand would start making it in 2017, according to Autocar. The South Korean automaker could also create a hotter variant of the pint-sized Rio in 2018 to give the lineup a dash more performance. Kia debuted the rear-wheel drive GT concept at the 2011 Frankfurt Motor Show, and the svelte four-door offered some speed thanks to a 3.3-liter turbocharged V6 with 389 horsepower and 394 pound-feet of torque and an eight-speed automatic gearbox. Kia seemed primed to build the model several times over the years as a US-focused vehicle, but the latest report hinted that production wouldn't happen until 2017. Autocar claims that the final design incorporates cues from the sporty GT4 Stinger concept. Kia also intends to introduce performance-oriented models with the GT moniker lower in its range. According to Autocar, the Rio GT would ride on the vehicle's lighter next-gen platform and offer about 180 horsepower from a 1.6-liter engine to compete against the Ford Fiesta ST, which already has 197 hp. However, the South Korean automaker might want to consider a more potent powerplant to keep up in the hot hatch arms race, because spy shots already suggest the Blue Oval's development of a Fiesta RS with around 250 hp. Related Video: Featured Gallery Kia GT Concept: Frankfurt 2011 View 13 Photos News Source: AutocarImage Credit: Copyright 2016 Drew Phillips / AOL Design/Style Rumormill Paris Motor Show Kia Hatchback Concept Cars Performance Sedan 2016 paris motor show kia rio kia gt kia gt concept