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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.

2018 Kia Stinger GT long-term wrap-up | Putting the grand in grand tourer

One of our latest long-term tester departures is our 2018 Kia Stinger GT, and it's one we're sad to see leave. Our really red example was optioned ideally for this group of enthusiasts in southeast Michigan with the twin-turbo 365-horsepower V6, a few extra comfort features with the GT1 package such as a sunroof and heated steering wheel, and of course, all-wheel drive. And after over 18,000 miles of driving the Stinger, we were thoroughly impressed. The engine felt impressively powerful, delivering a big ol' shove to the back with every stab of the throttle. The handling was confident and quick. While it wasn't our exact long-term car, one of our editors took a Stinger to the track and had a good time with it. The styling never grew old, looking just as low, lean and aggressive as when it first arrived. And it was even comfortable and practical, just look at all the stuff we could stuff in it! Looking at everyone's final thoughts, the Stinger made a near-perfect daily driver. There were a few snags during our custody, though. A few creaks and rattles appeared, including an issue with a door hinge that had to be fixed by the dealer. We also ended up with a warped brake rotor that needed changing. Something that couldn't be fixed was the Stinger's thirst. We averaged between 19 and 23 mpg in mixed driving plus the occasional long highway slog. That's actually slightly better than the EPA's combined estimate of 20 mpg, but it's still not stellar. The four-cylinder is the way to go if you'll be racking up a lot of miles. Gripes aside, the Stinger GT was a welcome part of the Autoblog fleet. See what we all had to say about it in more detail below. 2018 Kia Stinger GT View 10 Photos Editor-in-Chief, Greg Migliore: I really enjoyed our long-term Stinger. It had guts. It had plenty of power. It was fun to drive. It had emotion in a way only a few non-luxury sedans have. Frankly, it's this and the Dodge Charger as far as large sedans go for enthusiasts. I loved how the Stinger sounded; guttural and deep. It looked the part, too, though some of the accents weren't to my taste. The steering was excellent, the right balance of precision and pliability. It offered confidence to push the car in corners and the necessary feedback to do so with skill. I really liked the Stinger. It offered a great value, though the interior did start to show some aging after a year in our fleet.

Kia Sportspace Concept is a big, red wagon that previews the future

The Kia Sportspace Concept might preview some design elements for the next-gen Optima, but for now the Korean brand is keeping the focus on this somewhat sporty looking wagon on display at the Geneva Motor Show. Its shape is designed specifically to appeal to European tastes, and the styling comes from the company's design studio Frankfurt, Germany. Despite the European design ethos, there's no mistaking the Sportspace as anything but a Kia. Up front, it features a sharper version of the brand's familiar tiger-nose grille that runs horizontally to link the LED headlights. However, the major visual focus for the concept is the long roof and angled rear hatch. The designers even pitch the D-pillar forward for a slightly more sporty style. The interior almost appears to come from a completely different model. The combination of black upholstery with carbon fiber trim and large pieces of anodized aluminum makes it look like a very dark place for a drive. Kia is apparently trying to appeal to the Sportspace's Swiss audience, though. The company touts that there's enough room to store a set of skis by fitting them between the rear seats. Power for the Sportspace comes from a 2.0-liter turbocharged four-cylinder with 247 horsepower that spins the front wheels, but the automaker doesn't specify anything about the transmission that it all routes through. Looking at the current Optima, it isn't hard to see the future design evolving this way. Get a preview from this big, red wagon on the show floor of the Geneva show in our gallery, above. DESIGN OVERVIEW: THE KIA SPORTSPACE CONCEPT The working week is over. The late afternoon sun is glinting on the ice crystals in the road-side snowbanks and turning the snow-capped peaks ahead pink. The road snakes ahead towards a weekend of fun and action. The journey demands a swift, efficient and refined machine to allow the maximum pleasure to be extracted from the time available. This is exactly the role for which the Kia SPORTSPACE was conceived. Its muscular proportions are ready to deliver a safe, secure but speedy passage to the slopes. Its cosseting and refined interior provides convivial yet individual space for its four passengers. Its sleek and elegant lines – both inside and out – are functional but stylish, allowing its travelling partners both comfort and convenience within a bodyshape that stands out from the crowd. This is a concept that has extracting the maximum from life at its heart.