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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.

2021 Kia Rio spied with heavy camo, wearing a mid-cycle refresh

The 2020 Kia Rio received an updated engine and transmission for the new year, but it looks like there’s much more on the way for KiaÂ’s subcompact in the near future. We got the all-new Rio in the 2018 model year, but this heavily covered prototype is suggesting significant design changes are on the way. The new design will complement the updated 1.6-liter four-cylinder and CVT (replacing the six-speed auto) the Rio got this year — fuel economy jumps from 32 mpg combined to 36 mpg combined in both the sedan and hatchback as a result of the switch. The 2020 Hyundai Accent received the same changes. One of our spy shooters managed to catch a hatchback driving around. Unlike many mid-cycle refresh camo getups, this one is more than just a thin layer of swirly stickers. Instead, we get the full-on cladding and tenting job. From what we can see of the headlights, they already look like a different design. Squared-off LED DRLs are hiding in there, and the element visible beside the LED is shaped differently than the current headlight unit. The fog light visible below the headlight looks to be in the same spot as before, but itÂ’s impossible to tell the design of the surrounding area. With the amount of camouflage seen here, itÂ’s possible that we see an entirely different front fascia design, and the same goes for around back. Similar to crossovers and SUVs trying to hide their roof and hatch shapes, this one has a big tent over the rear window. We find it highly unlikely that Kia decides to change sheetmetal with this kind of an update, but an entirely new look from the bumper, taillights and garnishing seems possible. The Rio, despite being a solid car in many ways, is a bit boring to look at. Its taillights are barely visible through the black netting, but they look similar to the current carÂ’s lights from what little we can see of them. Most of the car is covered up — even the doors have camouflage on them, though we donÂ’t expect the doors to be going through any revolutionary changes at this point in the carÂ’s life cycle. We dig the wheels on this tester, and the Rio hatchbackÂ’s shape is an appealing one. Sportier styling could help it a bit on the dealer lot, but with the new Soul already out and the Seltos hot on its heels, the Rio is facing a lot of pressure from other Kias. We hope the little subcompact doesnÂ’t go away as other tiny cars have, as our last stint in the driverÂ’s seat was surprisingly charming for such a cheap car.

North American Car, Truck and SUV of the Year finalists revealed

The finalists for the 2023 North American Car, Truck and Utility Vehicle of the Year Awards were announced Thursday at the L.A. Auto Show. — The Acura Integra, Genesis Electrified G80 and Nissan Z made the cut in the car category. — The Ford F-150 Lightning, Chevy Silverado ZR2 and Lordstown Endurance advanced in trucks. — And the Cadillac Lyriq, Genesis GV60 and Kia EV6 advanced among utilities.  The winners will be announced Jan. 11 in Detroit.  The finalists underscored the industryÂ’s shift to electric vehicles, as all three utilities and two of the three trucks are EVs. The finalists were culled from a list of 26 semifinalists made up of three trucks, 10 cars and 16 utility vehicles that are new this year.  Notables that missed the cut include the Mercedes EQE, Subaru WRX and Toyota GR Corolla in cars; while the Honda CR-V, Kia Sportage and Rivian R1S were among the utes that did not advance. The three trucks are the only ones eligible this year and have advanced through the voting.  50 jurors who work for media outlets across North America vote three times over the course of the year to whittle down the field, which was originally 47 vehicles. Jurors also test the semifinalists at an October group event in Ann Arbor, Mich. The Honda Civic (car), Ford Maverick (truck) and Ford Bronco (utility vehicle) were the 2022 winners. Autoblog Editor-in-Chief Greg Migliore is a NACTOY juror.   Featured Gallery Ford F-150 Lightning View 48 Photos Green LA Auto Show Acura Cadillac Chevrolet Ford Genesis Kia Nissan Truck SUV NACTOY Lordstown Endurance