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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.

Jay Leno drives the incredible Mercedes-Benz C111-II concept

You might think that Jay Leno has driven it all, but there are a few vehicles so rare that getting behind the wheel is a special experience, even for him. This week on Jay Leno's Garage, the comedian has one of those unique experiences by taking a ride in a 1970 Mercedes-Benz C111-II concept on loan from the Mercedes Classics Center. First unveiled in 1969, the C111 concept featured an in-vogue wedge shape, gullwing doors, and a mid-mounted three-rotor engine, and it seemed like the supercar of the future. This C111-II went even further in 1970 with tweaked styling and a four-rotor powerplant behind the driver. A V8 eventually replaced the experimental mill, but that switch is also part of the reason this one is still on the road today. Leno gets the full history about Mercedes' original plans for the C111 project, but obviously the real highlight is the rare drive in this vintage concept. He clearly relishes the experience of finally getting behind the wheel of this piece of auto history, one of the few automotive dreams he hadn't yet fulfilled.

2017 Mercedes GLS brings Benz's flagship SUV up to date

Mercedes-Benz is continuing the revision of its entire crossover lineup with the introduction of the new GLS. A facelifted version of the existing GL-Class, the new GLS aims to serve as the flagship of the German automaker's SUV lineup in the same way that the S-Class does for its sedans, coupes, and convertibles. As an update (rather than a completely new model), the new GLS is physically mostly the same as the GL it replaces, but packs a comprehensive series of revisions to bring it up to date. Those revisions can be seen on the outside, with revised styling front and rear. However the real changes have been made underneath the skin. The seven-passenger interior features a new three-spoke steering wheel, instrument panel with media display, center console with touchpad control, ambient lighting, and even an available air ionization system. The interior trim has been redone as well, with available Designo Exclusive and AMG Line packages to individualize it further. The new GLS will be offered Stateside in four engine specs. The base model is the GLS450, with a 3.0-liter twin-turbo V6 producing 362 horsepower and 369 pound-feet of torque. Step up to the GLS550 and you get 455 hp (20 more than before) and 516 lb-ft of torque. There's a six-cylinder diesel option in the GLS350d, good for 255 hp and 455 lb-ft. And the performance flagship, of course, is the new Mercedes-AMG GLS63, with 577 horsepower and 561 lb-ft of torque. The standard versions come with 4Matic all-wheel drive and a nine-speed automatic transmission with additional settings. The AMG version gets a rearward-biased traction system and a seven-speed dual-clutch gearbox instead. The standard models ride on an improved air suspension with enhanced damping, but the GLS63 adds a Sport+ instead of Off-Road setting on the Dynamic Select controller. There's a low-range gearbox and locking center diff available as well for those who plan to go off-road. Mercedes has fitted the GLS with all its latest electronic systems, including Collision Prevention Assist Plus, Crosswind Assist with Attention Assist, Brake Assist BAS, Pre-Safe braking, and more. The optional Driver Assistance package adds Distronic Plus with Steering Assist, pedestrian detection, cross-traffic assist, active blind-spot monitoring, lane-keeping assist, and more. There's an optional intelligent LED lighting system and heated adaptive windshield wipers as well.