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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.

2020 Kia Soul gets funkier and adds a long-range Soul EV

The Kia Soul, the clear victor of the funky box fad of the mid-2000s, has been completely redesigned for the 2020 model year. It's still very square, but it's even funkier than before. The big, cute headlights of previous models have been swapped for a more futuristic, almost brooding set of slender lamps up top connected by a piece of plastic for a full-width look. They're supplemented by additional lights in large pods in the front bumper. There's a large grille in the bottom of the bumper, too. The overall nose is a bit more rounded, but the whole profile is about as upright as ever. The rear is completely vertical and retains vertical taillights that now have a wraparound look. The fenders don't visually protrude as much, but they're highlighted by deep creases around the wheel arches. There are an array of trims to pick from on the new Soul, some of which have significant style tweaks. LX, S and EX make up the basic Soul, with an EX Designer Edition offering up two-tone paint between the roof and body as well as big 18-inch wheels. The Kia Soul Turbo is replaced by the Soul GT-Line, which can be had with the turbo engine or the naturally aspirated engine. It has a much more aggressive front fascia with extra slots around the grille and side sill extensions with red accents. The turbo version gets center-exit exhaust, bigger brakes and stiffer suspension. Then there's the new X-Line that gives the Soul a crossover look with plastic body cladding, fender flares and fog lights. It also has two-tone paint as an option. 2020 Kia Soul View 11 Photos Despite all the design changes, the new Soul is almost exactly the same size as the old one. It's just over 2 inches longer, and adds a little over an inch between the wheels, but width and height are the same. Passenger space is nearly the same, too, giving or taking a couple tenths of an inch here and there. There is much more cargo space now, though, picking up an extra 5 cubic feet for a total of 23.8. The restyled interior also gets some nice new features such as customizable ambient lighting, an available 10.25-inch touchscreen and a heads-up display. There are three powertrains available for the Kia Soul, and only one is a carryover from the previous model. Starting at the bottom is the naturally aspirated 2.0-liter engine. This engine is also found in various other Hyundai and Kia products such as the Forte. It makes 147 horsepower and 132 pound-feet of torque.

Driver unaware SUV is in flames going down the highway

NBC Nightly News recently carried the above segment on a video showing a 2012 Kia Sorento spewing flames as its driver travels at highway speed on Interstate 4 in Orlando. Another motorist, Meredith Olinger, drives alongside, shooting the video while trying to warn the driver to pull over. She does, just in time. Seconds later, the Kia is cooked. The driver, Susan King, says, "I got out, and suddenly the car was engulfed in flames. (Olinger) saved my life. I'm incredibly grateful, and she was my angel that day. It was surreal." NBC did a nice job of using the video to highlight a serious issue. The SUV's owner was not King but her friend Tyla Kennedy, and though the Kia was part of a recall of 2012-14 Sorentos having to do with an engine defect, Kennedy says she never received a recall notice. That's because she was not the car's original owner. And as anyone who has received a recall notice for a long-sold car knows, automakers send the notices to original owners. Subsequent owners are out of luck. We could argue all day about whether automakers, sellers or subsequent owners should do more to ensure that automakers know the current whereabouts of their products, but luckily there's an easy way past all of that. If you own a car you bought second-hand, go to safercar.gov and enter your VIN. If there is a recall on your vehicle, it will show up there. If one pops up, contact a dealership and the repair will be carried out free of charge. Even if you bought your vehicle new, doing this check couldn't hurt, just in case your notice got lost in the mail. It could keep you from discovering, as you fly down the highway, that you are driving a fireball. Related Video: Image Credit: Meredith Olinger Auto News Recalls Kia Crossover SUV Videos