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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.

Honda to present HR-V, updated Acura ILX at LA show

Honda has already showcased its new Fit-based crossover around the world. We've seen it in Tokyo wearing the Vezel name and we've seen it in Paris in 'prototype' form. We've even seen photos of the US-spec version. We just haven't seen that North American model in the flesh, but that'll all be fixed next month at the Los Angeles Auto Show.
That's where Honda will, at long last, unveil the US version of its new HR-V subcompact. The Japanese automaker hasn't told us much else, save to say that the HR-V will, of course, slot in below the CR-V in US showrooms. It'll also feature the company's lauded Magic Seat system, "which allows for multiple seating configurations and the ability to fold the second row seat completely flat for added cargo space."
Alongside the HR-V, Honda's luxury division will also be showcasing a revised version of its ILX sedan at the LA show as well. Acura hasn't revealed precise details of what revisions are in store for its smallest sedan - or a more detailed photo than the teaser inset at right - but it is promising "a comprehensive update that include a potent new powertrain, more forceful, sporty exterior styling and a substantially upgraded interior design."

2016 Honda Civic Coupe starts at $19,885, Touring for $26,960

Honda has posted prices for the 2016 Civc Coupe, which we liked quite a bit during our First Drive. The base LX trim starts at $19,885 (after $835 destination for all models). That's $410 more than the 2016 sedan in LX guise, which goes for $19,475. The previous-gen 2015 Civic Coupe LX went for $19,125. Honda keeps the features of the respective trim levels largely the same between the coupe and sedan. Even base cars come with amenities like LED running lights and a five-inch infotainment system. Where the two-door differs slightly is the unique LX-P version, which costs $21,685. It uses the same 2.0-liter four-cylinder with 158 horsepower and 138 pound-feet of torque, but gets the CVT standard. The LX-P also includes a moonroof, keyless entry with push-button start, and a remote engine starter. If you want to experience Honda's lauded 1.5-liter turbocharged four-cylinder's 174 hp and 162 lb-ft in the coupe, the least expensive option is the EX-T trim for $23,135. It also includes a seven-inch infotainment system, automatic climate control, and heated seats. The model is also only $100 more than the same version of the sedan. According to the numbers currently on Honda's site, the top two coupe trims are actually cheaper than their four-door counterparts. The EX-L with leather upholstery and an auto-dimming rearview mirror costs $24,260 as a two-door versus $24,535 as a sedan. The range-topping Touring model costs $26,960 and includes the Honda Sensing active safety suite, navigation, LED headlights, rain-sensing wipers and heated mirrors. In comparison, the Touring sedan sells for $27,335. We'll have to wait a little longer before the actual configurator is available to pretend that we're building our own. Related Video: