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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.

Wards names its 2015 10 Best Interiors list

Wards Automotive has named the winners of its 10 Best Interior awards, covering a wide but affordable array of vehicles. Where last year's list contained two six-figure vehicles, including the $372,800 Rolls-Royce Wraith, this year's is, well, a whole lot more reasonable. The publication lists the Mercedes-Benz C400 at $65,000 (which seems off), making it the most expensive vehicle here. That said, we'd argue that the entire C-Class line deserves to make this year's list, owing to its varied and high-quality selection of materials. The other vehicle to break the $60,000 mark, meanwhile, is the $60,675 Ford F-150 King Ranch, which has 327,000 pounds of leather lining its interior. Only one other German car, the BMW i3, and one other pickup truck, the GMC Canyon, managed to make this year's list. Here's the full list of this year's winners: 2014 BMW i3 ($52,550) 2015 Chrysler 300C Platinum ($51,175) 2015 Ford F-150 King Ranch ($60,675) 2015 GMC Canyon SLT ($40,465) 2015 Honda Fit EX-L ($21,590) 2015 Jeep Renegade Limited ($33,205) 2015 Kia Sedona SXL ($43,295) 2016 Mazda6 Grand Touring ($33,395) 2015 Mercedes C400 ($65,000) 2015 Nissan Murano SL ($41,905) See what we mean about the mainstream vehicles? Not only is there a distinct lack of luxury brands, it's the price of some of the vehicles that surprise. The Honda Fit, Jeep Renegade and Mazda6 are very reasonably priced, especially when you compare Wards price with the starting price. The Renegade Limited starts at less than $25,000, the Mazda at less than $22K and the Fit at under $16,000. Head over to Wards for a more detailed explanation of why each vehicle won. Featured Gallery 2015 Ward's Automotive 10 Best Interiors View 10 Photos News Source: Wards Automotive BMW Chrysler Ford GMC Honda Jeep Kia Mazda Mercedes-Benz Nissan Truck Crossover Hatchback Sedan nissan murano gmc canyon Interior jeep renegade WardsAuto kia sedona wards 10 best interiors mercedes c400

2018 Kia Stinger GT First Drive Review | Sleeper of the year

MOJAVE, Calif. — The sunbaked sign at the Hyundai/Kia Proving Grounds clearly indicates the speed limit on the banked oval: 120 miles per hour. But after a few perfunctory triple-digit parade laps, the Kia representative in the passenger seat isn't having any of it. With a wink and nudge, he discreetly permits us a few extra, unrestricted goes around the big course. Never one to turn down track time, we push the 2018 Kia Stinger down the 6.4-mile oval until I see an indicated 164 mph on the straight — the fastest we've ever driven anything built in Korea, let alone many of the contenders in the Stinger's crosshairs. Game on, Kia. The early days of Kia's attempt to conquer the American car market were dominated with an appliance-like sense of economy, one reflecting a scrappy catch-up mentality opposed to the disruptive, luxury challenging tactics du jour. Subsequent attempts to globalize the brand have taken on a definitively more inspired, international flair, and the new Stinger is the strongest harbinger of that direction to date. The movement originated when Hyundai/Kia plucked design boss Peter Schreyer from Audi, eventually moving him up in an unprecedented promotion to one of manufacturer's three group presidents. Not only did Schreyer inject a sleek, contemporary look to the lineup, his promotion proved the brand was dead serious about creating striking designs. The Stinger's styling does not disappoint. Apart from the familiar Tiger Nose grille and the letdown of non-functional (ie, ornamental) "hood vents," the five-seater's proportions and surface treatments feel sharp and fresh, purposeful and clean. Measured from bow to stern, the Stinger is roughly mid-class among its competitive set, while offering the practicality of a sportback design that enables decent rear legroom and 23.3 cubic feet of cargo capacity. But its considerable 114.4-inch wheelbase is among the lengthiest in its class, edged out only by the Audi A7, Porsche Panamera, and BMW 6 Series Grand Coupe. That said, the upper end of Kia's self-ascribed competition might be a bit of a stretch (sorry, pun intended) considering the unlikelihood of Porsche die-hards cross-shopping the $85,000 Panamera against this new kid on the block. The other side of Kia's modern story involves the snagging of performance whisperer Albert Biermann from BMW's M performance division.