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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.

Land Rover will downsize with a pair of hybridized turbodiesel sixes

Europe's automotive industry has ground to a halt, but the strict emissions regulations that went into effect in early 2020 are still looming on the horizon. Land Rover is preparing to launch a pair of hybridized turbodiesel six-cylinder engines in a bid to comply with the regulations and avoid paying huge fines, according to a recent report. British magazine Autocar learned Land Rover has applied the mild hybrid technology already offered on the Evoque and the Discovery Sport, its two smallest models, to a 3.0-liter straight-six to obtain 300 horsepower. The company will also release a more powerful version of the six rated at about 350 horses. The former will be available on HSE, HSE Dynamic and Autobiography Dynamic variants of the Range Rover Sport, while the latter will be added to upmarket models like the HST. The full-size Range Rover (pictured) will get them, too. The sixes represent a two-pronged approach to replacing the 4.4-liter turbodiesel V8 available in Europe, among other markets. It delivers 335 horsepower and 546 pound-feet of torque, and it sends the Range Rover from zero to 60 mph in 6.5 seconds while giving it a 7,700-pound towing capacity. These figures are hard to argue against, but it's an older engine that's increasing the company's fleet-wide average emissions output, so it has to go. The mild hybrid system won't power either Range Rover on electricity alone, but it will make them cleaner and more efficient; losing a pair of cylinders will help in both areas, too. Although Land Rover hasn't confirmed plans to ax the V8 or launch a hybridized six, suppliers have started publishing information about the powertrain, so its launch is believed to be around the corner. Time will tell whether it will appear on the current-generation models or their replacements, which are undergoing shakedown testing globally and due out in the coming months. Sister company Jaguar will use the mild hybrid technology, too. The six-cylinder will find its way into the XF and the F-Pace, which are both expected to receive comprehensive updates before the end of 2020. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Talking Land Rover Defender, Ford Bronco and GMC Jimmy | Autoblog Podcast #586

Best luxury SUVs of 2022 and 2023

Once upon a time, the idea of a luxury SUV meant a Range Rover, and even that was pretty agricultural by modern standards. Then Jeep Grand Cherokees and Ford Explorers started offering fancy, range-topping versions followed soon by Lexus, BMW and Mercedes dipping their toes in the water. And then the floodgates opened. Today, there is a staggering number of luxury SUVs available in every shape, size and price point. There are electric luxury SUVs like the Tesla Model X and Jaguar I-Pace, as well as gas-swilling, high-performance SUVs like the BMW X5 M and Cadillac Escalade V. Sports car makers Porsche, Aston Martin and Lamborghini have even dived in.  But of this great many, which are the best luxury SUVs? We sat down, scoured our reviews, took some votes, had some discussions and came up with the luxury SUVs we view as the best. They are listed alphabetically within the six segments listed below.  Best Subcompact Luxury SUV   |   Best Compact Luxury SUV   |   Best Midsize Luxury SUV (Two-Row) Best Midsize Luxury SUV (Three-Row)   |   Best Flagship Luxury SUV (Two-Row)   |   Best Flagship Luxury SUV (Three-Row)  Best subcompact luxury SUVs Mercedes-Benz GLB-Class Why it stands out: Outstanding space and versatility; legit luxury interior; amusing GLB 35 versionCould be better: Overwhelming and confusing tech interface Most subcompact luxury SUVs are a dubious value, with cramped interiors of marginal quality and unrefined driving dynamics. You'd be much better off paying less money for a loaded, non-luxury compact SUV. The Mercedes GLB is different, though. Its boxy design provides space few other subcompact SUV can match (luxury or otherwise), while its cabin design and feature content are in keeping with pricier Mercedes models. The quality's not exactly up to GLC standards, nor is driving refinement, but the difference is appropriate for how much you're saving and still perfectly acceptable. There's nothing dubious about buying a GLB.     Volvo XC40 Why it stands out: More features for the money; spacious and versatile interior; distinctive design; electric versionCould be better: Fuel-efficient base engine only available with FWD Most subcompact luxury models feel a bit like cheap knockoffs of their bigger, pricier brand mates. The XC40, by contrast, is a break from the Volvo norm in a good way.