2004 Land Rover Range Rover *low Reserve* on 2040-cars

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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 likely moving HQ to Britain's most iconic racetrack

Jaguar Land Rover looks increasingly likely to make Britain's iconic Silverstone race track the automaker's new headquarters. There isn't a final deal in place yet, but the British Racing Drivers' Club, which owns the circuit, plans to have the membership vote on whether the negotiations should move forward, according to Autosport. BRDC leaders already presented the plan to members, and they were open to the idea. "The response was favorable so we will now set up an EGM for the members to vote and give the board a mandate to proceed with the deal and continue with the negotiations with JLR," BRDC president Derek Warwick told Autosport. There's no guarantee yet that JLR actually completes the deal. "There's still a lot of work to do to get the deal to where both sides are happy and more importantly what's right for the BRDC and its members." Warwick said. Rumors in early December suggested JLR was among the firms submitting bids to purchase the track, and the automaker allegedly offered 22.7 million pounds ($34.1 million at the time) for it. The company would also reportedly invest nearly $80 million to renovate the site, including adding a museum, experience center, hotel, and offices. The track would still be open for motorsport, too. Silverstone has hosted the Formula One British Grand Prix many times over the decades, and organizers signed a 17-year deal in 2009 to keep things that way well into the future. Series like the FIA World Endurance Championship, MotoGP, and British Touring Car Championship also compete there. Related Video:

Jaguar Land Rover gets to work on new university R&D center

Jaguar Land Rover has a raft of new products in the pipeline, from the new Defender to the next-generation XF sedan. But new product isn't the only thing the British automaker is investing in: it's also opening new facilities around the world, including what it's calling the National Automotive Innovation Centre back home in the UK. Based at the University of Warwick, the new $220-million R&D center is the result of a joint effort between JLR, its parent company Tata, the manufacturing arm of the university and the British government. The facility will bring together professionals from the automaker as well as its suppliers with academics to encourage, as the name suggests, innovation in the automotive sector. Its 355,000 square feet are earmarked to become the hub for Jaguar Land Rover's advanced research activities, including "workshops, laboratories, virtual engineering suites and advanced powertrain facilities, equipped to enable a full range of design, visualisation and prototyping activities." The cornerstore was just laid in a ceremony this week, but the facility isn't due to open until the Spring of 2017 when it will encompass some 1,000 employees, including 600 relocated by JLR to the new location from other sites in the UK. Related Video: Construction Begins On New UK Automotive Innovation Centre For Jaguar Land Rover - GBP150 million National Automotive Innovation Centre (NAIC) will open in Spring 2017, providing a state-of-the-art technology hub for Jaguar Land Rover's advanced research team and collaborative partners from the supply chain and academia - To keep the UK and Jaguar Land Rover at the forefront of global innovation, the team will develop the vehicles and personal mobility solutions of the future - The NAIC will focus on inspiring the next generation of engineers - from schoolchildren to undergraduates.