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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.

Judge allows class-action lawsuits against Honda, automakers

Millions of plaintiffs in 2014 brought a class-action lawsuit in against Takata and Honda, and the airbag manufacturer and carmaker petitioned to have the case thrown out. A US District Judge in Miami ruled against the companies on December 3, allowing the case to proceed. The case in question, Craig Dunn et al vs. Takata Corporation et al, is thought to be the first class action filed in the ongoing airbag imbroglio. Other cases have been filed, but on behalf of individuals. Takata and Honda are named defendants in the case, but the 453-page suit is also aimed at BMW, Ford, Mazda, Nissan, and Subaru. The plaintiffs claim violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act specifically by Takata and Honda, alleging that those two companies conspired to hide information about airbag inflators that could rupture and spray shrapnel around a car's cockpit. Honda said Takata hid information from it and ceased doing business with the airbag company, while a recent Wall Street Journal review of documents indicated that Takata changed testing information to suppress actual results from Honda. The class-action suit charges violations of the Magnuson-Moss Warranty Act, too. Meanwhile, Takata has strengthened its legal team with the addition of Lanny Breuer, a partner at Covington & Burling LLP. Breuer was a US assistant attorney general from 2009 to 2013, heading the criminal division. Honda has been dealing with individual cases out of court, with litigation in cases of five out of six US deaths settled for undisclosed sums.

Honda reveals updated rest-of-world Civic hatchback

The rest of the world's most recent Honda Civic was introduced for 2012, and it looks much the same as the 2014 model Honda will release in January to European and Asian markets. In fact, not much has changed, but a retuned power steering system, revised front and rear damping rates and rear wheel toe and camber adjustments are touted to make the hatchback drive better, World Car Fans reports.
There are some small visual changes, such as privacy glass for the lower rear window, a piano-black front bumper that previously was dark gray and piano-black trim replacing body-color pieces around the license plate area, tailgate and lower bumper. Inside, white stitching adorns the seats, steering wheel and knee pad along with aluminum and gloss-black accents placed around the center console area.
Of course, Honda won't be exporting this particular Civic to the US (or the recently unveiled Civic Tourer), so check out the photo gallery to see it in all its not-for-you glory.