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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.

2017 Audi TT RS arrives with 400 horsepower

If the Audi TT was ever considered to be more style than substance, that stereotype can be put to rest with the arrival of the new TT RS. Revealed in both coupe and convertible bodystyles at the Beijing Motor Show today, Ingolstadt's latest performance models boast 400 horsepower. And for nostalgic VW and Audi fans, this is still the only way to buy a five-cylinder engine. For those keeping track, that represents an increase of 60 hp over the previous version, accompanied by 354 pound-feet of torque. Channeled to all four wheels in typical Quattro style, those 400 horses will propel the TT RS to 62 miles per hour from a standstill in as little as 3.7 seconds. That's enough to undercut the new Porsche 718 Cayman S by a good few tenths, and will leave the vast majority of drivers on the road or track looking at its pair of oval tailpipes, OLED taillights, and fixed rear wing rather than the new front end with its oversized air intakes. Those lucky enough to find themselves inside the new TT RS will find a pair of low-slung bucket seats along with standard TT fare like a 12.3-inch Virtual Cockpit display, Audi Connect infotainment system, and inductive smartphone charging. US pricing and availability are still being worked out, but Audi of America spokesman Mark Dahncke tells Autoblog that the new TT RS will arrive in showrooms Stateside "sometime next year." Overseas the new model is set to launch in the fall. The starting price of ˆ66,400 euros listed for Europe works out to nearly $75k at current exchange rates. More tellingly the TT RS price is just above the ˆ64,118 that Porsche charges for the new 718 Cayman S. This is clearly one bout of sibling rivalry that's just heating up. Related Video: Dynamic duo: Audi TT RS Coupe and Audi TT RS Roadster Audi is sending the most powerful TT ever into the competitive field. Its newly developed five-cylinder engine delivers 400 hp – accompanied by unmistakable engine sound. The Coupe and Roadster are celebrating their world premieres at the Beijing Motor Show. Muscular front end, large air inlets, low-positioned spoiler, fixed rear wing – at first glance, the Audi TT RS* clearly hints at just how much power there is under its streamlined skin. Its new five-cylinder aluminum engine delivers 400 hp, which is 60 hp more than the power of the previous model.

Audi targeting hipsters with A3 launch parties

Audi is planning quite a shindig for the launch of the A3 sedan, and it only wants young folks to show up. The Four Rings' new entry-level model will begin hitting showrooms later this month, and it is planning a launch party on April 3 at all of its roughly 280 dealers aimed at youthful, influential buyers - hipsters, for lack of a better word.
According to Automotive News, the company has sent a 64-page party-planning guide to its dealers on how to appeal these tastemakers in their late-20s to early-40s. The guide says the audience "should reflect an uncompromising spirit in a generation that refuses to settle or sell out." Audi never specifically uses the h-word in its marketing, which is good because it carries some negative connotations. However, recommendations like serving craft beer and bacon doughnuts and playing indie bands like Chvrches, Empire of the Sun and M83 certainly show that the automaker would love to gain some hipster-cred.
It may seem odd for a free spirits to desire a new Audi, but the carmaker might be playing the long con with these parties. Maybe they can't afford an A3 yet, but the $30,000 compact is likely close enough within their financial reach to at least be realistic. If the brand can appeal to them early, then they could be more likely to come back later when it's affordable.