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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.

The 2017 Honda Ridgeline's innovative bed

Today most truck makers put their emphasis on high-zoot comfy interiors, towing bragging rights, and macho styling (aka my grille's bigger than yours). The "work area," aka the "bed," for the most part, is often an afterthought. Yeah, there have been improvements, but they've come slowly; and frankly most to date have not been very innovative and/or have been poorly executed. A thinking man's truck Since the very first Ridgeline was introduced, and now with the new 2017 model, Honda has done a lot of serious thinking when it comes to the bed – how it's used, and how to make it even more user-friendly. For the most part great ideas abound, while some like the in-bed audio system seem really silly. The two-way tailgate is flat-out brilliant, even if the idea was borrowed from 1970s Detroit station wagons. Other trucks offer optional bumper steps, fold-out steps, or a tailgate step to aid bed access. Good ideas for sure, but Honda's swing-out tailgate solution is so simple and so elegant it hurts; plus it's standard. The Ridgeline's ability to lay 4x8 building material flat on the floor of the bed is a no-brainer, especially for someone who likes to do home projects; yet Honda is the only mid-size truck to offer that capability. The storage trunk in the bed is another super idea – most of the time. Is it perfect? Nope. Some say accessing the bed trunk with a load of mulch is a problem. No argument there, so you plan ahead. Same with accessing the spare tire; it could be a BIG problem with a loaded bed. Then again, how often do you see a Harry Homeowner truck with a loaded bed? The odds are, if you're going to get a flat tire, most likely the bed will be empty. If not, well then you must have angered the gods. Speaking of flat tires, Honda blew it big time here by giving the Ridgeline a temporary spare tire. no truck should ever have a temp tire; full-size spare all the way, baby! No way do I want to have to use a temp tire while carrying a load or towing a trailer. Hopefully they will offer a full-service spare as an option. The funny thing is, the previous model sold in Mexico came with a full-size spare standard. From what I've heard, the reason the American-spec model comes with a temp tire is to save weight; and Honda will do anything to save weight, to improve EPA mileage ratings, even if it's unwise for real-world conditions.

Honda Vezel leaked in Mugen trim

Just last month at the Tokyo Motor Show, Honda revealed its new Vezel crossover, a production version of the Urban SUV concept that debuted at the Detroit Auto Show. According to new reports, the model already has a three-month waiting list in Japan alone. But that doesn't mean Honda's tuning division, Mugen, is waiting around to spruce it up.
Pictured here is the Mugen-tuned version of the Vezel leaked from a sales brochure in Japan. While there's not much information to go on, Mugen's take on the Vezel appears to be wearing a custom aero kit, with more pronounced lower bumpers and side sills, a more Acura-like grille treatment and different wheels.
Whether we'll ever get a Mugen package like this when the Fit-based CUV arrives in North America remains to be seen, but we've historically gotten very few of these tuned-up Hondas. In fact, we're still not even sure what the tiny crossover will be called when it arrives here, but something tells us it won't arrive carrying the Vezel moniker.