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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 F-Type SVR and Range Rover Evoque Convertibles go rainbow for Pride

BMW isn't the only automobile company getting involved in Pride Week, as Jaguar Land Rover announced it also has cars that will participate. And yes, they're convertibles with rainbow stripes. On Sunday, June 30, Jaguar Land Rover (JLR) will participate in the NYC Pride March with several themed vehicles and employees walking next to them. JLR chose two of its most intriguing vehicles in the Jaguar F-Type SVR convertible and the Range Rover Evoque Convertible. Jaguar unveiled two different F-Type SVRs, one in a gorgeous blue and the other in white. Both cars have the same detailing, though, including rainbow stripes on the the sides, rear bumpers, and hoods. The F-Types also have rainbow stripes across the tops of their windshields, and "JAG YOU ARE" decals across the windshields and rear bumpers. The silver Evoque is only slightly different. It, too, has rainbow stripes across its doors, rear bumper, and windshield. Rather than a "JAG YOU ARE" decal, however, "EVOQUE" is spread across the front bumper in rainbow lettering. You can check out these unique models at the Pride parade in NYC.

Land Rover will put a Covid-nuking air filtration system in future cars

Jaguar - Land Rover (JLR) is developing an air filtration system that inhibits up to 97% of viruses and airborne bacteria. Designed like a face mask for your car's HVAC system, it's built on Panasonic's Nanoe X technology. Most of the company's models (including the Land Rover Defender) currently come equipped with Panasonic's Nanoe technology and PM2.5 filtration. Nanoe X is 10 times more effective, according to the brand, because it relies on a high voltage to create trillions of hydroxyl (OH) radicals enveloped in nano-sized water molecules. Think of them as Roman guards in front of a fortress: they keep the bad out, and ensure only the good can come in. Viruses and bacteria proteins are denatured when they come into contact with the filtration system, meaning they can't reproduce or grow. The OH radicals also zap common allergens and mold, but they're harmless to humans. JLR stressed it's not relying on computer simulations to decide whether its filtration system works as designed. It asked British laboratory Perfectus Biomed to perform a test that simulates a ventilation system in recirculation mode for a 30-minute cycle in a sealed chamber. The results were encouraging: 97% of viruses and airborne bacteria were nuked. The carmaker pointed out Panasonic's Nanoe X technology has been independently proven to inhibit 99.995% of coronaviruses during a two-hour laboratory test carried out by French immunology lab Texcell. Future models from Jaguar and Land Rover will use this technology, though a representative for both companies declined to tell us when it will reach production, and which nameplate(s) will inaugurate it. Meanwhile, Honda launched its own coronavirus killer across the pond. It's a cabin air filter sold as a genuine replacement part that consists of four layers, including one coated with an active substance of fruit extract that inactivates nearly 100% of the viral aerosols it captures. It's available in Europe through Honda dealers, but it won't be sold in America. Jaguar Land Rover