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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.

Jaguar opens new engine plant in the UK

The heads of Jaguar Land Rover are having a busy couple of weeks opening factories. Just days after inaugurating the company's first overseas plant in China, the automaker's new Engine Manufacturing Center in the UK is being inaugurated, as well. The plant near Wolverhampton, England, marks the first time in decades that JLR is building its own powerplants in-house. Further signaling the importance of this launch for the business, Queen Elizabeth II and Prince Philip were on hand and even tweeted about it.
The factory's first major project is to build JLR's latest Ingenium four-cylinders, starting with the 2.0-liter diesel version. "Our new Engine Manufacturing Centre is an important step in advancing the competitiveness and capability of the UK automotive sector. The production of in-house engines will support the expansion of the UK supply chain providing critical mass for inward investment," said Trevor Leeks, plant operations director in the automaker's announcement.
Opening the doors to the Engine Manufacturing Center has been years in the making for JLR. The plant was first announced in September 2011 and broke ground in June 2012. Building it cost the company 500 million pounds ($800 million) and created 1,400 new jobs. Of course, being a state-of-the-art factory, considerations were made to make the place as energy efficient as possible. That meant installing the UK's largest solar array with 21,000 panels to produce about 30 percent of the site's electricity needs.

Land Rover plotting high-performance Disco Sport, Evoque

Jaguar Land Rover is getting serious about performance with its new SVR line of high-output machinery. We've already seen the Range Rover Sport SVR, and we're anticipating more to follow with SVR versions of the new Jaguar XE, Range Rover LWB, outgoing Land Rover Defender and plenty more. The lineup will eventually include performance versions of most, but not all of the British automaker's products. But while the smallest Land Rovers may not get the full-on SVR treatment, JLR reportedly has something in the works. According to Australian website Motoring, Land Rover is watching the segment and considering its options. It sees Audi with its SQ5, BMW planning performance versions of the X3 and X4, and Mercedes plotting an AMG version of the GLC that's set to replace the GLK. The question is just what Land Rover will do. Both the Discovery Sport and Range Rover Evoque are based on the same D8 platform that incorporates transversely mounted inline-fours, so fitting something larger might be prohibitive, but a high-output turbo version of the new Ingenium four-cylinder engine design could do the trick. Considering what the likes of Volvo and Mercedes have managed to do with their high-strung turbo fours, Land Rover's approach could prove to be no slouch at all – even without the 5.0-liter supercharged V8 powering the flagship SVR models. In related news, Autovisie – the automotive section of Dutch newspaper De Telegraaf – projects that an SVR version of the Jaguar F-Type will be among the high-performance models coming up next. Slotting above the F-Type R with its 550 horsepower, the F-Type SVR will be even more powerful. The Project 7 speedster packaged a 575-hp version of the same supercharged V8, potentially pointing the way forward for future SVR models. Featured Gallery Land Rover Range Rover Evoque Autobiography View 17 Photos Related Gallery 2015 Land Rover Discovery Sport View 16 Photos News Source: Motoring.com.au, AutovisieImage Credit: Land Rover Jaguar Land Rover SUV Performance jaguar land rover svr