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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 rolls out new Step WGN in Japan

First introduced back in 1996, the Honda Step WGN (originally styled as Stepwgn) is now entering its fifth generation of hauling families around the Pacific island nation, and packs a number of innovations into its tall and boxy form. For starters, this latest minivan does away with the conventional 2.4-liter engine from its predecessor and replaces it with a new 1.5-liter turbocharged VTEC, driving either the front wheels or all four through a continuously variable transmission. More innovative though is the "Waku Waku Gate," borrowing its name for the Japanese term for "exciting." We're not sure we'd go that far, but it is intriguing: the tailgate can either be opened fully for maximum aperture, or partially split and opened to the side for tighter spots. That ought to make ingress and egress from the seven-passenger cabin that much easier, but once inside it promises to be a more pleasant place as well thanks to Scandinavian-inspired design. It also packs the latest safety features, including pedestrian detection, to keep everyone safer and make the new Step WGN more appealing to Japanese families. Honda to Begin Sales of All-New Step WGN - Equipped with a newly-developed 1.5-liter direct injection VTEC TURBO engine - TOKYO, Japan, April 23, 2015 - Honda Motor Co., Ltd. will begin sales of the all-new Honda Step WGN on Friday, April 24, 2015, at dealerships across Japan. Equipped with a newly-developed 1.5-liter direct injection VTEC TURBO engine, this fifth-generation Step WGN was designed to be a fun-to-use minivan that features a functional cabin space much like a living room at home, as well as a revolutionary tailgate mechanism named Waku Waku Gate ("Waku Waku" is a Japanese expression for "exciting"). Honda's first 1.5-liter VTEC TURBO engine realizes not only powerful and smooth acceleration with its torque equivalent to that of a 2.4-liter engine but also excellent fuel economy and quietness, achieving the type of leisurely drive people expect from a minivan even with multiple passengers and on hilly roads. Moreover, the all-new Step WGN realizes top-in-class level*1 fuel economy of 17.0km/liter (JC08 mode*2). Furthermore, the all-new Step WGN features the largest cabin space in the class*3 as well as the Waku Waku Gate*4, Honda's original design that functions as a wide tailgate that opens up or as with a sub-door that opens to the side.

Honda previews new BR-V three-row crossover for Indonesia

Honda is planning to roll out a new seven-seat crossover in Indonesia. But before it does, it's giving the public a taste of what's to come with a concept to be unveiled in Tangerang, previewed in the pair of teaser renderings you see here. Dubbed the BR-V prototype (for Bold Runabout Vehicle), the Honda concept calls for a three-row crossover with room for seven passengers – just like the Pilot we get over here. But if the design sketches are anything to go by, it'll look better. We'll reserve final judgement on the styling until the actual thing is unveiled in the metal, though. Full technical specifications are likely still a ways off from being announced. However the Japanese automaker and its Indonesian importer have confirmed that the BR-V will be powered by a 1.5-liter gasoline engine of unspecified output, mated to a choice of two transmission options. We don't know whether one of those might include all-wheel drive or not, but Honda has indicated that it's built high ground clearance into the BR-V – which ought to keep it from being confused with the low-riding Subaru BRZ, to say nothing Honda's other similarly named crossovers like the CR-V or HR-V. That's about all we know for the time being, but the BR-V promises "to address various customer needs" with "a tough and solid exterior design" combined with a "comfortable and spacious cabin." Locals can start anticipating its unveiling at the Gaikindo Indonesian International Auto Show in Tangerang this August, when P.T. Honda Prospect Motor will already open up the order books. Related Video: All-New Honda BR-V Prototype to Make World Premiere at Gaikindo Indonesian International Auto Show JAKARTA, Indonesia 29 June 2015 – P.T. Honda Prospect Motor released the first official sketches of the all-new Honda BR-V Prototype which will make its world premiere at the upcoming Gaikindo Indonesian International Auto Show 2015, scheduled for 20 - 30 August 2015, in Tangerang, Indonesia. The new BR-V was jointly developed for the Asian market by Honda R&D Asia Pacific Co., Ltd., in Thailand, and P.T. Honda R&D Indonesia. This model will be introduced to the Indonesian market as Honda's new generation crossover utility vehicle to address various customer needs. The new BR-V features tough and solid exterior design with high ground clearance, big and stylish alloy wheels and sleek roof rails. The model also offers a comfortable and spacious cabin with seven seats in a 3-row configuration.