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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.

Honda shows off 2015 Euro-market Jazz

The 2015 Honda Jazz is here, wearing much the same look we caught on the Jazz "concept" at the Paris Motor Show last year. No, make that exactly the same look as the "concept," save for the fog lights on the pictured model. A move to the same global B-segment platform as the Honda HR-V makes the new Jazz lighter and stiffer than before, and pays all kinds of benefits for the subcompact. Prime among them is interior space - Honda says it's class-leading - the new hatch being 95 millimeters longer. The fuel tank is underneath the front seats, leaving the rear bench free for the installation of Honda's Magic Seat system. Three potential cargo bay arrangements are called "Utility," "Tall," and "Long," achieved by rearranging the positions of the rear seatbacks and bolsters. The Honda Connect infotainment system uses a seven-inch touchscreen, hooks up to the Internet, and transmits real-time news and Internet radio. Following a trend of buyer-installable navigation working through the factory screen, integrated Garmin Nav is an option, and other apps can be downloaded from the Honda App Center. Ride quality and interior comfort get a boost thanks to the 30-mm longer wheelbase and suspension re-engineered with better, lighter parts and new dampers, as well as geometry more inclined to the dynamic. The lighter platform bones let Honda load up on soundproofing, creating a quieter cabin. A 1.3-liter VTEC gasoline engine sits underhoood, offering 101 horsepower, with a new six-speed transmission for a semi-automatic CVT for shifting. Driver safety systems make an appearance here, too, include Lane Departure Warning, Traffic Sign Recognition, Intelligent Speed Assist, and High-beam Support. Some of those features will only be available in Europe, naturally, but we'll obviously get a lot of goodies on our Fit, too. The press release below has the particulars. ALL-NEW HONDA JAZZ REDEFINES B-SEGMENT WITH ADDED SPACE, VERSATILITY, REFINEMENT AND TECHNOLOGY - Third generation Jazz based on Honda's global B-segment platform - New 1.3 litre i-VTEC petrol engine from Earth Dreams Technology series - Extra interior space, made versatile with Magic Seats® system - Bold, fresh exterior and refined cabin - New Honda Connect infotainment system - Advanced Driver Assist Systems enhance safety 24.02.2015 -- Arriving in Europe in summer 2015, the third-generation Jazz features bold yet sophisticated exterior and interior design, with unrivalled interior space and versatility.

Does the 2017 Honda Ridgeline have street cred?

From a sales standpoint, the gen-one Ridgeline was an utter failure. It had a very narrow appeal, that being the suburban Harry Homeowner crowd. Traditional truckers hated it; no, make that HATED it! They hated it as much for what it was as for what it represented. It was assumed to be soft, a mommy truck; and to their eyes, it was ugly as sin. "Real" truckers would not accept the independent rear suspension, yet seemed ignorant about the fact that our military has been using IRS on severe-duty trucks for years. If IRS is good enough for the combat conditions, using it on a light-duty civilian pickup truck should be a piece of cake, no? I think there's also another issue at play here: classism. I suspect that many truckers didn't like those who were buying these trucks. Ridgeline buyers tend to be college-educated, suburban, and earn enough to have a decent if not better-than-average lifestyle. Many were schoolteachers, accountants, doctors, and lawyers – professionals. In short they weren't blue-collar, hard working, struggling-to-make-a-living truck guys. That didn't sit well with many. It was like their "space" was being invaded, maybe even their lifestyle was being threatened. I can't tell you how many derogatory comments I've read from traditional truckers over the last decade directed against Ridgeline owners. Many centered around a lack of masculinity of Ridgeline owners, or that that they were bought by people who didn't "need" a truck, that a minivan would have been a better choice. Many were owners of big diesel pickups who felt compelled to compare their heavy-duty trucks to this smaller mid-size truck. You get the picture. So here we are with the gen-two Ridgeline. Has Honda rectified its image as a truck maker? Yes and no. Yes in that the truck has shed its polarizing looks. In fact I think it's quite handsome, and will have a vastly broader appeal as such. Yes in the fact that it's been brought up to date mechanically, and the technology is vastly superior to the old model. Yes in fact that it should prove to be more economical than the old truck. Yes in the fact that it's more powerful, and that the AWD is vastly superior to what was offered before. Yes in the fact that it should function better, both as a truck and as a family vehicle. No in the fact that it will still be viewed as a "girlie truck" by many. No in the fact that there is no "macho" trim level available.