4dr Sdn Limited Kia Cadenza Sedan Limited Low Miles Automatic Leather Seats on 2040-cars

Auto blog

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.

Chevy Bolt wins 2017 Green Car of the Year

We knew that a plug-in vehicle was going to win the 2017 Green Car of the Year award this year, given that all five finalists have a way to charge up. And when Ron Cogan, the editor and publisher of Green Car Journal, announced the winner – the 2017 Chevy Bolt EV – he said that the car itself represents one of those times in the auto industry when everything is about to change. Similar to the invention of the starter motor, things are about to get different. For now, though, the fact that the Bolt EV won an award sounds like the same old thing all over again. Just this week, it was named Motor Trends Car of the Year and to the Car And Driver Top 10 list. The other four finalists for Green Car of the Year included the Toyota Prius Prime, the Chrysler Pacifica, the Kia Optima (including hybrid and plug-in hybrid models) and the BMW 330e iPerformance. Last year, the winner was the 2016 Chevy Volt. Did Green Car Journal make the right selection this year? See the award ceremony below.

Kia's regionally inspired concepts converge on Las Vegas [w/poll]

Kia has, over the past couple of weeks, been steadily streaming an array of concept cars it's prepared for SEMA this year. But with the doors now open at the Las Vegas Convention Center, it's now released the full monte – so to speak – including one we hadn't seen before at all. The lineup takes a geographic approach, each representing a different region in this great country of ours, and each is based on a different model in the company's product line. Arguably the most outlandish is the A1A Optima. The sedan has been converted into a four-door convertible, taking its name and inspiration from the coastal highway in Florida. The project was carried out by Lux Motorwerks, which reinforced the Optima's bodywork for the chop job, fitted suicide rear doors, and painted it a bright shade of turquoise. It rides on 20-inch HRE alloys, with an interior trimmed out in cream leather and titanium accents. A coilover suspension drops it down to the tarmac, and a new exhaust system helps with the turbo four's sound. Next up is the PacWest Adventure Sorento, inspired by the Pacific Northwest with a woodsy approach. The Sorento crossover has been customized by LGE-CTS Motorsports with a candy-effect green paint job and matte black trim, tubular bumpers, a raised suspension, off-road tires, a snorkel for fording streams, and a pop-up tent on the roof. They're joined by the Photo Safari Sedona, which is a new addition we hadn't seen until now. The minivan has been thoroughly transformed into a rolling observation point for shutterbugs in the wild. The rear section has been converted into a pickup bed, the seats have been swapped out for deploying buckets to get closer to the action, and the whole thing rides on an air suspension with off-road tires on 17-inch wheels. It's even got an iMac workstation on board for processing photos. In short, it's everything you could want to embark on a photographic adventure in the Northeast – or anywhere else for that matter. Finally there's the Mud Bogger, a Forte Koup inspired by the South. It's jacked up four inches on an off-road suspension, with an open rollback vinyl roof to let in the elements. The bodywork has been painted a deep shade of blue, offset by the white powder-coated roll cage, brush guards, and wheels. And the interior has been stripped out and fitted with Sparco racing seats. Kia has also brought the Ballast Point Sedona back to the show this year.