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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.

Queen Elizabeth II was a longtime automotive enthusiast

Since driver's licenses, license plates, and passports were issued in her own name, Queen Elizabeth II didn't need them to drive and travel. She started combining the two just before she turned 19, joining the Auxiliary Territorial Service (ATS) transport division in 1945 for vehicle mechanic training. She wanted to help the British effort during World War II and would drive an ambulance — one that, theoretically, she could also fix if it broke down. The war ended before she graduated as an Honorary Junior Commander, the other ATS members dubbing her Princess Auto Mechanic. We donÂ’t know if she got under the hoods of the many official state vehicles and the far more numerous unofficial fleet in the royal garages, but she was still driving herself around England as late as this year. Here is a tiny selection of royal conveyances used during her 70-year reign. Gold State Coach (1762) True, she never drove this one, but a tour of every royal garage should start with the coach. King George III commissioned Samuel Butler to build it in 1760. Butler spent two years on the gilded carriage 24 feet long and more than 12 feet high. The quarters are suspended from the frame by leather straps, so occupants get tossed about even during a slow stroll, which is as fast as the eight Windsor Gray horses can pull it. It wasnÂ’t until the 1900s that King George VI rubberized the wooden wheels. Word is the queen didnÂ’t like it.   1953 Land Rover Series 1 Land Rover gave Queen ElizabethÂ’s father, King George VI, the 100th example of the 80 Series off the line in 1948. She picked up the Landie habit for herself five years later, when a 1953 Series 1 with a custom 86-inch wheelbase was part of the fleet used for her six-month tour of the Commonwealth in 1953 and 1954. That Land Rover became Ceremonial Vehicle State IV. The models above were built in Australia in 1958 as near copies of the Commonwealth tour vehicle, when Australia decided it wanted six identical versions for royal service. ItÂ’s thought the royal family went through around 30 Land Rover Series cars and Defenders since then, and many of the most common photos of her have her posing in or near one, especially the 2002 Defender built just for her. The royal family isnÂ’t finished with them, either: A current Defender 110 served as a luggage hauler for family members headed to Balmoral Castle during the queenÂ’s final days.

Land Rover to build Discovery Sport at new Brazilian factory

Looking forward to getting your mitts on a new Land Rover Discovery Sport? Well you should, because it promises to be a markedly better product than the Freelander/LR2 it replaces. Just don't assume it will necessarily be built in the UK, as just about every Land Rover has in the company's 66-year history. The new Discovery Sport (pictured above in Sao Paulo) will, of course, be built in the UK, at the Halewood plant where the Evoque is made and which has in the past handled the Freelander, the Jaguar X-Type and a variety of Fords. But it will also be assembled for local consumption at JLR's new factory in Changsu, China. And, according to the press release down below, it will also be made for the Latin American market at the new factory being built in Brazil. The new plant is being built in Itatiaia on the outskirts of Rio de Janeiro and will come online in 2016. Once it gets up to speed by the end of 2020, it will have the capacity to build 24,000 vehicles each year, ratcheting its workforce up from 400 when it opens to nearly 1,000 when all's said and done. The Discovery Sport will be one of the products made there for the local market, but it surely won't be the only one. As in China, we expect the Evoque will be built there as well, and we wouldn't be surprised to see the new Jaguar XE join it in the near future, either. Don't expect the Brazilian-made vehicles to be sold in the US, though: those will likely still be imported from the UK... at least, that is, until the facility said to be under consideration for the southern United States opens its doors. JAGUAR LAND ROVER CONFIRMS ITS ALL-NEW DISCOVERY SPORT FOR BRAZIL FACILITY - Jaguar Land Rover confirms Discovery Sport as one of the models to be produced at its new local manufacturing facility in Brazil - R$750m investment in the new facility in Itatiaia in the State of Rio de Janeiro - Annual production capacity of 24,000 units for the Brazilian market only – from 2016 Sao Paulo, Brazil – Jaguar Land Rover confirmed today, at the Sao Paulo International Motor Show, that its breakthrough Land Rover Discovery Sport will be one of the first models to be built at its new R$750m (GBP240m) local manufacturing facility in Itatiaia, Brazil. The new factory, which will see a total investment of R$750m (GBP240m) by the end of 2020, will supplement UK production and have the capacity to build 24,000 vehicles annually for the Brazilian market.