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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.

2017 Honda Ridgeline is ready for tailgate duty [w/video]

Honda's new Ridgeline might not be the biggest, baddest truck, but trust us, it's the vehicle you want for your next tailgate. Sure, the Ridgeline gets a 3.5-liter V6 engine and a six-speed automatic transmission, but that's not why you want it. With a dual-action rear tailgate; a built-in, drainable, water-tight in-bed trunk; and the industry's very first in-bed stereo, Honda has built a vehicle that's better suited for keg hauling and barbecuing than rock crawling or towing. We approve. Beyond that, the 2016 Detroit Auto Show marks the first time we're seeing the interior of Honda's new pickup. It looks like a slightly more rugged version of what's found in the Pilot, with a prominent central display and a center cluster with a strong emphasis on the digital. There's a largish display and a digital speedometer, and the only analog gauges are for the tachometer, fuel, and engine temp. We've got a full gallery of live images at the top of the page and the press conference with our reaction below. Have a look. All-New 2017 Honda Ridgeline Pickup Truck Makes World Debut at 2016 North American International Auto Show •2017 Ridgeline brings Honda innovation in technology, design and packaging to the midsize pickup truck market •All-new Ridgeline delivers superior driving dynamics in combination with the largest interior space and most versatile bed in a midsize 4-door pickup •Honda-exclusive features including In-Bed Trunk®, dual-action tailgate and the industry's first in-bed audio system make Ridgeline the ultimate tailgating vehicle DETROIT, January 11, 2015 – Honda today unveiled the all-new 2017 Ridgeline truck at the North American International Auto Show, once again challenging conventional thinking in the pickup truck market with Honda-exclusive features, design and technology that help Ridgeline set new benchmarks for versatility, capability and comfort in a midsize pickup. "We are bringing our unique technology and original thinking to the market in a new and challenging concept for a Honda pickup," said John Mendel, executive vice president of American Honda Motor Co., Inc.

Acura already planning NSX Type R?

Acura just took the wraps off the production version of its long-awaited new NSX, but rumors are already circulating of an even hotter version to follow. Meeting up at the Detroit Auto Show this week, Auto Express asked the NSX's chief engineer Ted Klaus about the prospect of a Type R version in the future, to which he reportedly answered: "I think everyone who loves cars wants to see a version that we say is pure red. The NSX has always been silver first, moving towards red later. Someone asked me, 'when will you be satisfied?' Probably never. What you do today, you can improve on tomorrow." That doesn't mean that tomorrow will actually come tomorrow, but it does speak to a spirit of improvement on the NSX team that could stand to keep the American-made Japanese supercar on the knife's edge and out in front of the competition, which Klaus identified as including the Ferrari 458, Audi R8 V10 and Porsche 911 Turbo. The previous model bred the NSX-R two years after its release (in the Japanese domestic market anyway), benefiting from a 265-pound weight reduction, a stiffer suspension, and though never officially confirmed, a long-suspected bump in output. Related Video: