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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.

Trump calls Germans 'very bad,' vows to stop their car sales in US

TAORMINA, Italy -Talks between President Trump and other leaders of the world's rich nations at the G7 summit on Friday were expected to be "robust" and "challenging" after he had lambasted NATO allies and condemned Germans as "very bad" for their trade policies. Trump's confrontational remarks in Brussels, on the eve of the two-day summit in the Mediterranean resort town of Taormina, cast a pall over a meeting at which America's partners had hoped to coax him into softening his stances on trade and climate change. According to German media reports, Trump condemned Germany as "very bad" for its trade policies in a meeting with European Commission President Jean-Claude Juncker, signaling he might take steps to limit sales of German cars in the United States. "The Germans are bad, very bad," he reportedly told Juncker. "Look at the millions of cars that they're selling in the USA. Horrible. We're gonna stop that." White House economic adviser Gary Cohn on Friday confirmed the reports. "He said they're very bad on trade, but he doesn't have a problem with Germany." Cohn said Trump had pointed out during the meeting that his father had German roots in order to underscore the message that he had nothing against the German people. Trump's spokesman Sean Spicer said Trump had "tremendous respect" for Germany and had only complained about unfair trade practices in the meeting. Juncker called the reports in Spiegel Online and Sueddeutsche Zeitung exaggerated. The reports translated "bad" with the German word "boese," which can also mean "evil," leading to confusion when English-language media translated the German reports back into English. "The record has to be set straight," Juncker said, noting that the translation issue had exaggerated the seriousness of what Trump had said. "It's not true that the president took an aggressive approach when it came to the German trade surplus." "He said, like others have, that (the United States) has a problem with the German surplus. So he was not aggressive at all," Juncker added. In January, Trump threatened to slap a 35 percent tax on German auto imports. "If you want to build cars in the world, then I wish you all the best. You can build cars for the United States, but for every car that comes to the USA, you will pay 35 percent tax," he said. "I would tell BMW that if you are building a factory in Mexico and plan to sell cars to the USA, without a 35 percent tax, then you can forget that." Last year, the U.S.

Audi updates A3 with Virtual Cockpit, more goodies

Audi has announced a series of updates to the A3 family. And though we're still waiting for confirmation on its arrival here in North America following its introduction back in Europe next month, the revisions bode well for Ingolstadt's baby. Chief among the enhancements for the latest A3 is the inclusion, as promised, of the company's Virtual Cockpit infotainment system. One of our finalists for 2016 Tech of the Year, the Virtual Cockpit moves many of the controls and menus you'd expect to find in the center console display into the instrument cluster to make them easier for the driver to navigate (albeit at the expense of a co-pilot's assistance). Audi also used the occasion to install some of its latest driver assistance systems, including active lane assist, pedestrian protection, and available traffic jam assist that helps the vehicle crawl along in bumper-to-bumper conditions. The revised A3 also features new front and rear fascias, incorporating a sharper grille and new head- and taillights, with available Matrix LED units up front. Globally speaking, Audi is offering the updated model with six different engines – three gasoline and three diesel – including a 1.0-liter inline-three for the first time. There's the hybrid E-Tron model as well, and the flex-fuel G-Tron model that can run on natural gas. More enticing though is the new S3, which benefits from a ten-horsepower boost to produce a more substantial 310 hp and as much as 295 pound-feet of torque. With sedan, convertible, and three- and five-door hatchback bodystyles, that makes for a lot of combinations, though not all engines will be offered in all forms. Watch this space for word on US availability. In the meantime, you can scope out all the details on the various variants in the press release below and the high-resolution images in the exhaustive gallery above. Related Video: Technology Update for the Compact Bestseller – the new Audi A3 - New engines: 1.0 TFSI and newly developed 2.0 TFSI - Infotainment and assistance systems from the full-size class - First deliveries in summer The successful model from Audi is now even more attractive: The Audi A3* approaches the starting line with new driver assistance systems and engines as well as newly designed headlights and taillights. Also new on board is the innovative operating and display concept, Audi virtual cockpit. The new A3 is available in a three-door version and as a Sportback, a sedan and a Cabriolet.