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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.

Recharge Wrap-up: Mercedes-Benz B-Class Electric Drive goes on sale in Europe, Spain gets Nissan Leaf taxis

The new Mercedes-Benz B-Class Electric Drive goes on sale in Europe on November 3, with deliveries starting before the end of the year. Developed with the help of Tesla, the new electric B-Class offers more than 132 kilowatts (177 horsepower) and 250 pound-feet of torque. It features Economy Plus, Economy and Sport driving modes. An optional radar support system uses the collision prevention assist sensors to help make smarter decisions about when and how to use the regenerative braking. The B-Class Electric Drive also offers an optional Range Plus button, which can unlock more battery capacity when charging for the occasional longer drive. Learn more in the press release below. Racing returns to the streets of Miami for the first time in more than a decade for the Formula E Miami ePrix on March 14, 2015. Formula E has revealed the track layout, which takes the race around the Miami Heat's home court, American Airlines Arena, along the Biscayne Bay. "This event will help to make Miami more of a sports city," says Mayor Thomas Regalado. "In addition, we will show the younger generations that you may have motor racing without noise or pollution." Read more about the event at the Formula E website and see the track layout in detail here. Hyundai has delivered the first ix35 Fuel Cell vehicles to customers in the UK, including clean energy company ITM Power. ITM is responsible for three of the hydrogen refueling stations being built around the EU as part of the Hydrogen For Innovative Vehicles project - the same project that helped bring the Hyundai ix35 (also known as the Tucson) Fuel Cell to Europe. ITM's 700-bar hydrogen stations will be built in London by Spring 2015, each with its own electrolyzer system on site. In the meantime, ITM will use the ix35 for commutes between London and Sheffield, refueling at a site that uses wind-generated electricity from an on-site turbine to power the electrolyzer to make the hydrogen. Learn more in the press release below. Demand for aluminum is expected to climb as China builds more electric cars. Aluminum supplier Novelis says demand will likely increase 30 percent annually for the next 10 years in China, Japan and Korea, and possibly more depending on how China's plan to increase EV use and decrease air pollution shakes out. Read more at Bloomberg. Barcelona and Madrid have received their first all-electric taxis in the form of Nissan Leaf EVs.

2017 Infiniti QX30 First Drive

If you've heard anything before about this car, the 2017 Infiniti QX30, it probably has to do with its corporate parents, an odd couple if there ever was one. Renault-Nissan, Infiniti's corporate overlords, inked a deal with Mercedes-Benz to share some mechanical components and platforms. That deal put a new, very modern 2.0-liter turbocharged inline-four under the hood of the Q50 and was the genesis of what you're looking at here. What are you looking at here? We drove this car in 2015, when it was called a Q30 – originally it was going to be the lower-riding counterpart to the slightly jacked-up QX30. Then Infiniti decided it'd make more sense to sell all variants of this vehicle as CUVs in the US, so we have three slightly different flavors of the QX30 instead. There's the normal version; the Sport, which is 0.6 inches lower; and the AWD, which is 1.2 inches higher. Infiniti brought us to Seattle to sample the Sport and AWD flavors on a semi-circumnavigation of the Puget Sound. It didn't rain a drop, thanks for asking, and instead was sunny and mild the whole time. It's easy to make the QX30 sound more confusing than it actually is. This is essentially a Mercedes-Benz GLA250 with full exterior styling and partial interior design by Infiniti, built in the UK alongside several other Nissans. The powertrain and chassis, including the optional AWD system, were all "co-developed" with partner Daimler, with final calibration and tuning by Infiniti engineers. Here's another way of explaining it: Infiniti needs an entry-level car to appeal to new premium car shoppers, and the QX30 is the prescription. It's a hatchback that's been given the mildest of CUV treatments and a lot of marketing descriptors. That's because hatchbacks are sales death in America. In Europe, they'll see right through the CUV posturing and realize it's just a hatchback offered in three different suspension heights. Whatever you call it to make it palatable to Americans, it's a useful little vehicle. This car is mechanically identical to the Q30, so there are some things we can gloss over. Both are powered by a transverse-mounted 2.0-liter Mercedes inline-four. It's a turbocharged, direct-injection gasoline engine, and it sure feels like one. It sounds like a rock tumbler full of nickels and runs out of breath at about 5,000 rpm. All versions make 208 hp at 5,500 rpm and 258 lb-ft of torque between 1,200 and 4,400 rpm – more than adequate but less than thrilling.