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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, GM supposedly working together on PHEVs, autonomous cars

Back in 2013, Honda and General Motors announced that they would work together on hydrogen fuel cell vehicles (pictured). The stated goal was to develop "commercially feasible fuel cell and hydrogen storage" for around 2020, but there was no discussion at the time that any actual H2 vehicles would come out of the program. Things are evolving with that partnership, maybe. There are rumors circling this week that the two automakers are now working together on plug-in hybrid vehicle technology and autonomous technology. The supposed new facet to the GM-Honda partnership doesn't just focus on a powertrain, reports The Yomiuri Shinbun, but also in getting suppliers to lower prices because now you have two automakers ordering parts together. Building plug-in hybrids and fuel cell cars together might be a thing, too, Yomiuri says. The 2013 hydrogen partnership was made between two leaders in the field (the announcement press release talks says, "GM and Honda rank No. 1 and No. 2, respectively, in total fuel cell patents filed between 2002 and 2012." But if these new rumors are true, then it's more of a bit of catch up for Honda (which had a great but unsuccessful car in the Accord PHEV) while GM gets more tech to better challenge Toyota. That's how the Yomiuri presents it, anyway. A Honda spokesperson told AutoblogGreen that, "Honda and GM's collaboration in the co-development of next generation fuel cell systems is making good progress. Engineers are discussing how we might expand the relationship utilizing each other's strengths, but there is no fixed plan regarding specific areas or timing." News Source: Yomiuri Shinbun via Inside EVs Green Rumormill GM Honda Hydrogen Cars PHEV partnership

2017 Honda Ridgeline: Not a 'youth truck'

When the Ridgeline debuted back in 2006 I predicted it would be a game changer, that it would shake up and redefine the truck market, much like Honda's CB750 four-cylinder motorcycle redefined the big bike market back in 1969. Boy was I wrong. Or perhaps more accurately stated – hang on, because I still think it could happen with this new model. Maybe not to the same degree of the CB750, but I definitely think this gen-two model has the right stuff to make truck buyers give it a second look this time around. Also, the truck market has changed over the last decade. People have had a chance to see the Ridgeline in action, and many have come to the conclusion that, used as intended, it's really not so bad. ...And then look what's happened to the commercial van market: Euro-style vans – which are dramatically different from Detroit-style vans – have virtually taken over that market segment. Typically conservative truck buyers have shown that they are willing to accept new thinking – if they prove to be better mousetraps. In the last 10 years, Honda – and specifically Honda marketing – has learned a lot about what worked and what didn't work with the gen-one model. Yeah, it barely sold, but those who bought the truck absolutely loved it. So Honda was indeed on to something. The problem was not enough people knew about it. I blame Honda corporate and their marketing department squarely for that. After the initial customer reluctance, Honda gave up on it. There was virtually no money spent on advertising this truck. It literally died on the vine because it wasn't watered. Also, there were a number of factors going on here not specifically related to the Ridgeline. Honda, the corporation, was in a severe crisis. Sales were sliding, many of its products disappointed, and the styling of many of its vehicles was polarizing. Also, the Acura division was in a free-fall. In short, Honda had lost its mojo; and as such, money and efforts were re-diverted to righting the ship, and marginal models (Ridgeline) were abandoned in terms of promotion; or just abandoned, period. So here we are now in 2016. Honda has been in the process of exorcizing all the evil from it's products, and is again showing signs of life. They have a slew of new vehicles that look good and are getting good if not excellent reviews, and a new Ridgeline is soon to hit showrooms. The Honda mojo is back. This time around there is no attempt to hide its parentage.