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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.

Kia may produce all-electric version of the Niro crossover

Kia is considering producing an all-electric version of the Niro, the crossover vehicle that was the first from the South Korean company to be designed as a dedicated hybrid vehicle. Kia Motors operating chief Tae-Hyun Oh told the UK's Car Dealer magazine that the Niro's size, utility, and hybrid pedigree, along with stricter worldwide emissions mandates, may push the automaker to make a Niro EV. Kia, whose sister company Hyundai sells the hydrogen fuel-cell Tucson crossover in limited numbers, is also considering making a fuel-cell car in order to boost its green-vehicle pedigree further. Kia has sold more than 1,000 Niro hybrid vehicles since that model debuted in August. An all-electric Niro would be based on the same platform as the Kia Ioniq. That model has hybrid, plug-in hybrid, and battery-electric variants, reflecting what Kia said earlier this year was a three-pronged attack to broaden the Ioniq's exposure. The all-electric version of the Ioniq, which debuted in South Korea earlier this year and is slated to start sales in the US by the end of 2016, has a 28-kilowatt-hour battery pack that provides a single-charge range of about 110 miles. Currently, Kia sells an all-electric version of the Soul crossover. That model can go 93 miles on a full charge, though reports surfaced in September that the Kia Soul will get a refresh in 2018 that will boost its single-charge range in order to better compete with longer-range models such as the Chevrolet Bolt and Tesla Model 3. The Niro was first shown off as a concept model at the 2013 Frankfurt Motor Show, while a production version was unveiled at the Chicago Auto Show this February. Related Video: Featured Gallery 2017 Kia Niro View 18 Photos News Source: Car Dealer via Hybrid Cars Green Kia Crossover Electric kia niro

2020 Kia Forte GT priced under $24,000

The 2020 Kia Forte GT sporty compact sedan was revealed way back at last year's SEMA show along with its turbocharged 1.6-liter engine making 201 horsepower and 195 pound-feet of torque. Kia has been pretty quiet about the car until now, having finally revealed its price tag. The cheapest model starts at $23,215 with the seven-speed dual-clutch automatic transmission. Switching to six-speed manual transmission bumps the price up to $23,815. Regardless of transmission, the Kia Forte GT is cheaper than its Hyundai cousins with the same engine. The Veloster Turbo R-Spec is next in line with a price of $24,070, then the Elantra GT N-Line at $24,230, and the Elantra Sport at $24,730. Besides the turbocharged engine, the Forte GT boasts an independent multi-link rear suspension rather than the standard model's rear torsion beam. It also has unique exterior accents such as a red-accented grille, rear spoiler, side skirts and special wheels. 2020 Kia Forte GT-Line View 14 Photos If you don't care about power, but still like the look of the GT, there's also the newly added Forte GT-Line. It has the same body upgrades, but with the regular Forte's 147-horsepower naturally aspirated engine and CVT. And to help make up for the lack of power, it adds blind-spot warning and rear cross traffic alert. It's also cheaper with a price of $21,315. As for the rest of the Forte lineup, prices and equipment lists are unchanged from 2019. The 2020 Forte models should show up on dealer lots by the end of the year.