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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.

Audi will launch electric line with E-Tron SUV

With BMW and Mercedes both building electric sub-brands, one automaker has been left out of the electric conversation: Audi. However, information from Autocar helps shed some light on the Audi electric situation, and it starts with an SUV. Autocar spoke with Audi chairman Rupert Stadler, who said Audi's new electric SUV will be called the E-Tron. He told the publication the naming scheme would be similar to how Audi introduced Quattro all-wheel drive with a car named after the feature. Also like Quattro, Stadler said other Audi models with electrified powertrains will receive E-Tron suffixes. In a way, it will be like BMW's naming scheme with the i sub-brand; some models are just referred to by the i designation, while normal models with hybrid or electric powertrains have names such as iPerformance. Autocar also revealed that other electric-only E-Tron models will come later, probably in the forms of a hatchback and a sedan. This news also shows that Audi hasn't given up on electric car development. Just last week, the company killed off its R8 E-Tron electric supercar. While the move raised some eyebrows here, since the R8 E-Tron could have been a great electric halo car for the new brand, it seems Audi is more interested in mass-market electric vehicles. The R8 E-Tron, which cost $1,000,000, sold fewer than 100 units and could only be purchased by getting in touch with Audi directly, didn't really fit that bill. Related Video: Featured Gallery Audi E-Tron Quattro: Frankfurt 2015 View 10 Photos News Source: AutocarImage Credit: Copyright 2016 Jonathon Ramsey / AOL Green Marketing/Advertising Audi SUV Electric e-tron quattro r8 e-tron

Autoblog Podcast #408

Episode #408 of the Autoblog Podcast is here, and this week, Dan Roth, Steven Ewing, and Brandon Turkus talk about the possibility of France banning diesel, Cadillac putting Porsche in its sights, and the lineup of high-performance Fords potentially coming to the Detroit Auto Show. We start with what's in the garage and finish up with some of your questions, and for those of you who hung with us live on our UStream channel, thanks for taking the time. Check out the rundown below with times for topics, and you can follow along down below with our Q&A. Thanks for listening! Autoblog Podcast #408: The video meant to be presented here is no longer available. Sorry for the inconvenience. Topics: France to ban diesel? Cadillac to go Porsche hunting Ford NAIAS lineup In The Autoblog Garage: 2015 Cadillac ATS Coupe 2015 Audi S3 Long-Term 2014 Jeep Cherokee Hosts: Dan Roth, Steven Ewing, Brandon Turkus Runtime: 01:04:56 Rundown: Intro and Garage - 00:00 France Diesel Ban - 27:13 Cadillac vs. Porsche - 34:32 Ford Performance at NAIAS - 42:23 Q&A - 49:46 Get the podcast: [UStream] Listen live on Mondays at 10 PM Eastern at UStream [iTunes] Subscribe to the Autoblog Podcast in iTunes [RSS] Add the Autoblog Podcast feed to your RSS aggregator [MP3] Download the MP3 directly Feedback: Email: Podcast at Autoblog dot com Review the show in iTunes Podcasts Detroit Auto Show Audi Cadillac Ford Jeep