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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 teases even more of the next TT ahead of Geneva in latest video

Audi is just a few days away from launching the third-generation TT at the 2014 Geneva Motor Show, but the new sports coupe has been so thoroughly teased, sketched, and spied that it almost seems like an anti-climax. Even the interior was thoroughly hinted at during this year's CES. But that's not keeping Audi from slowly revealing more and more parts of its new baby.
The TT is a modern automotive design icon. The first generation looked like nothing else on the road when it debuted, and the second generation added a needed dose of sportiness with the TTS and TT RS. The latest teaser video for Ingolstadt's sporty coupe shows more of its aluminum body than we've ever seen before, but the biggest mystery still lingering about the new TT is what engine Audi is slipping under the hood. Thankfully, the wait to find out will be quite short. Scroll down to get the best glimpse yet of the new coupe.

Audi considering other variants, turbo V6 for R8

More details from the Audi R8 event at Spain's Ascari circuit have met the Internet, and they provide more intel on the supercoupe will evolve over the second generation. First, they note some small differences in stance with this new car, being wider than the current car and sitting 30 millimeters (1.18 inches) lower. Compared to its Lamborghini Huracan brother, it gets three extra centimeters in the wheelbase. Filling out the power numbers, the 'entry-level' V10 engine at launch rolls out 540 horsepower and 399 pound-feet of torque, does the 0-60 mile per hour dash in 3.5 seconds, and hits a top speed of 200 mph. The V10 Plus model rocks 620 hp and 412 lb-ft, which slices 0.3 seconds off that acceleration time and adds five more mph to the top speed. They'll transfer their power through a seven-speed S-tronic that shifts faster than before, and it will in turn send power through an electronically-controlled clutch at the front axle and a constantly variable limited-slip differential at the rear axle. The power split is said to default to 42/58 front-to-rear, but 100 percent of the torque can be sent fore or aft. Benchmarked against the 991-series Porsche 911, driving sensations travel through an electromechanical steering setup that can be had with a variable rack if preferred, leading to standard 19-inch wheels with the option of 20-inchers and tires developed specifically for this car. A Performance setting offers dry, wet, and snow modes; that first setting turns the ESC off except for situations of impending doom, and Audi racer and test driver Frank Stippler told Top Gear that understeer is reduced, to which TG added "it oversteers at will." Stippler said it's "a lot closer to the GT3 race car than ever before," and even though it's "a lot" less intense than the Huracan, it's just as fast on the track. His estimate is that the new R8 will lap the Nurburgring between ten and 15 seconds faster than the current car. R8 technical lead Roland Schala said the new chassis opens up new avenues of development because "there's no problem to change it," mentioning models like a Clubsport or Superleggera as no longer forbidden. Differentiation could come from a wider engine mix, too. Markets like China need smaller displacements, so Audi's twin-turbo V8 is expected to join the line-up at some point, bringing 500 horsepower.