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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 Review | Everything you need to know

The 2020 Kia Soul finds itself at the heart of the growing subcompact crossover segment, offering a compelling blend of space, value and style. It wasn't always that way, however. Now in its third generation, the Soul was once a boxy oddball with few, if any, apples-to-apples competitors. Today, the subcompact crossover segment has effectively been built up around it, yet despite this competition, it remains one of the most characterful and well-rounded choices. A lack of all-wheel drive may be a detriment to some buyers, but it's also no longer alone in that regard. What's new for 2020? The Soul is all-new and represents the third-generation model, but it follows the same successful formula as its predecessors. Its trademark proportions have been maintained, and apart from more cargo capacity and a few extra inches in overall length, its dimensions inside and out are consistent. However, its styling has been reworked (note the wraparound LED taillights, the Kia grille that's been grossly enlarged and moved to the lower bumper, and the thin slit of lighting above) and the cabin features a new, more cohesive design that seems to wrap behind the dashboard from door to door (it's very Jaguar). The 2020 Soul also introduces two new models: the more rugged-ish, crossover-like Soul X-Line, and the sporty GT-Line, which is the only way to get the powerful turbocharged engine upgrade. Importantly, fuel economy has improved across the board, in part thanks to a new CVT transmission. What's the interior and in-car technology like? It's a shame that Kia didn't make the interior as fun and characterful as the exterior. It certainly funks things up a bit with triangular patterns in the doors, a squircle-shaped center infotainment pod and tweeters nestled into triangular air vents, but apart from the pricey GT-Line (see the red trim above), it's all rendered in various shades of black or dark grey, effectively hiding them in a colorless, drab interior. On the other hand, characterful interiors can also be ergonomically challenging (see Mini), and like other Kias, the Soul impresses with simple and easily reached controls — including the standard seven-inch touchscreen. You don't need to be a member of this car's Millenial (or younger) audience to figure the thing out. Apple CarPlay and Android Auto are standard, along with a single USB port (and an extra two arrive along with wireless smartphone charging in the EX and GT-Line 1.6T trim levels). How big is it?

Driving a 1964 Volkswagen Beetle, and the 2021 Kia K5 arrives | Autoblog Podcast #634

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Road Test Editor Zac Palmer and News Editor Joel Stocksdale. They start with what they've been driving this week, including the 2020 GMC Sierra 1500 diesel, 2020 Volkswagen Atlas Cross Sport and a 1964 Volkswagen Beetle. They move on to the news, covering the 2021 Kia K5, Geneva Motor Show (canceled again), Maserati's new engine and a new extended reality experience here at Autoblog. Finally, the guys spend some money for a listener who just had twins. Autoblog Podcast #634 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2020 GMC Sierra 1500 AT4 diesel 2020 Volkswagen Atlas Cross Sport 1964 Volkswagen Beetle 2021 Kia K5 Geneva Motor Show cancelled Maserati engine Extended Reality with the Mustang Mach-E Spend your money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: