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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.

2016 Mercedes-Benz GLC250 First Drive [w/video]

There's nothing wrong with the Mercedes-Benz GLK other than old age, having first sold here in 2009. But with creased, off-road themed styling, a naturally aspirated V6, and a smallish interior, it's out of step with the company's growing line of sport utility vehicles. Even its name is a harsh-sounding outlier. Enter the 2016 GLC. Mercedes calls this model the second generation of the GLK, but it's closer to a total reboot. The new look follows the smooth design of contemporary Benzes. The spotlight engine is now a spunky turbocharged four cylinder, and yes, the GLC is bigger inside and out. As for the name change, that's part of the latest badge realignment, and the "C" indicates the GLC's position as the crossover counterpart to the C-Class sedan. Now firmly integrated into the Mercedes SUV family, the GLC takes a seat at the table between the entry-level GLA and the larger GLE. The GLC's fresh appearance has all of the tenets of modern Mercedes design. We've come to the Alsace region of France to sample this familiar yet evolved utility vehicle. Driving along route A35, we're immediately struck by the turbo four-cylinder's prowess. It's strong from launches when we mash the gas, returns a subtle but pleasing exhaust note, and it's more than capable of picking off slower moving traffic as we dash through the French countryside. We're driving the European-spec GLC250 model, which has the same 2.0-liter engine Americans will get in the GLC300, though the Euro model has 30 fewer horsepower. The US version will be rated at 241 hp and 273 pound feet of torque, the same output as the C300 sedan. The turbo has big shoes to fill, as it gives up 61 hp to the 302-hp V6 used in the GLK. Mercedes is banking consumers won't miss this raw power, as the GLC's inline-four offers the same amount of torque as the GLK's V6, but much sooner in the rev band. Even in its detuned European state, the I4 demonstrates the kind of urgency that Americans prefer for their grocery-getting people haulers. It's paired with a nine-speed automatic transmission, upgraded from the GLK's seven-speed. There are paddle shifters, though most Americans won't have reason to use them. Sometimes we grab them and lay on the throttle just for fun, and the GLC responds with bursts of speed. Even in its detuned European state, the I4 demonstrates the kind of urgency that Americans prefer for their grocery-getting people haulers.

Chicago Car2Go app reportedly hacked, some 100 cars missing

Car2Go launched in Chicago in the summer of 2018, with 400 Daimler cars rolled out on the Windy City streets soon after. But that big fleet just took a big hit: The car-sharing app has now reportedly been hacked, and some 100 cars have been stolen as a result. CBS Chicago is reporting that some of the missing cars have been used to commit crimes. It is yet unclear what the hacking has exactly enabled the perps to do, but the compromised app appears to have opened the doors and given the thieves free rein with easily stolen cars. Within Chicago, there is a 29 square mile area where the vehicles were supposed to be dropped off, but they haven't been limited from exiting that zone at any point. The Chicago Car2Go fleet started out with Smart ForTwo cars and bigger Mercedes-Benz CLA/GLA models; we can imagine the ForTwos are a touch slight for any ram raiding, but an escape car that can vanish in a crowd of other shared Smart cars seems handy for misuse. To address the matter, Car2Go froze its Chicago operations today, saying it is "neutralizing a fraud issue and working together with law enforcement." No personal or confidential user info is said to have been compromised. CBS Chicago's Brad Edwards tweeted today that 12 people have been taken into custody so far, with the story developing as we speak.