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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.

2017 Mercedes GLS brings Benz's flagship SUV up to date

Mercedes-Benz is continuing the revision of its entire crossover lineup with the introduction of the new GLS. A facelifted version of the existing GL-Class, the new GLS aims to serve as the flagship of the German automaker's SUV lineup in the same way that the S-Class does for its sedans, coupes, and convertibles. As an update (rather than a completely new model), the new GLS is physically mostly the same as the GL it replaces, but packs a comprehensive series of revisions to bring it up to date. Those revisions can be seen on the outside, with revised styling front and rear. However the real changes have been made underneath the skin. The seven-passenger interior features a new three-spoke steering wheel, instrument panel with media display, center console with touchpad control, ambient lighting, and even an available air ionization system. The interior trim has been redone as well, with available Designo Exclusive and AMG Line packages to individualize it further. The new GLS will be offered Stateside in four engine specs. The base model is the GLS450, with a 3.0-liter twin-turbo V6 producing 362 horsepower and 369 pound-feet of torque. Step up to the GLS550 and you get 455 hp (20 more than before) and 516 lb-ft of torque. There's a six-cylinder diesel option in the GLS350d, good for 255 hp and 455 lb-ft. And the performance flagship, of course, is the new Mercedes-AMG GLS63, with 577 horsepower and 561 lb-ft of torque. The standard versions come with 4Matic all-wheel drive and a nine-speed automatic transmission with additional settings. The AMG version gets a rearward-biased traction system and a seven-speed dual-clutch gearbox instead. The standard models ride on an improved air suspension with enhanced damping, but the GLS63 adds a Sport+ instead of Off-Road setting on the Dynamic Select controller. There's a low-range gearbox and locking center diff available as well for those who plan to go off-road. Mercedes has fitted the GLS with all its latest electronic systems, including Collision Prevention Assist Plus, Crosswind Assist with Attention Assist, Brake Assist BAS, Pre-Safe braking, and more. The optional Driver Assistance package adds Distronic Plus with Steering Assist, pedestrian detection, cross-traffic assist, active blind-spot monitoring, lane-keeping assist, and more. There's an optional intelligent LED lighting system and heated adaptive windshield wipers as well.

Lewis Hamilton cruises to victory at the Singapore Grand Prix

SINGAPORE (Reuters) - Britain's Lewis Hamilton eased to victory from pole position at the Singapore Grand Prix on Sunday as the Mercedes driver extended his championship lead over Ferrari's Sebastian Vettel to 40 points with six rounds remaining. Hamilton held off a mid-race challenge from Red Bull's Max Verstappen to register a record-equaling fourth triumph at the floodlit Marina Bay Street Circuit track, while Vettel finished third to slip further behind in the title race. "Great job everyone, what a weekend... keep pushing, keep pushing, we've got this," Hamilton told his team over the radio soon after crossing the line at the end of the 61st lap. Hamilton's 69th overall victory was his seventh of the season and it was built on the foundations of a stunning qualifying lap on Saturday, when he stormed to pole in a car deemed inferior to the Ferraris and Red Bulls on this circuit. For Vettel and Ferrari it was another disappointing weekend after the car showed plenty of pace through all three practice sessions, the German's cause not helped by a questionable strategy and a poor pitstop. Hamilton won this race from the third row a year ago when Vettel, Verstappen and Kimi Raikkonen collided before Turn One but there was no repeat of such drama this time after the drivers got off to a clean start at the head of the field. There has, however, been a safety car period in every race in Singapore since it joined Formula One in 2008 and it was deployed on the opening lap after Sergio Perez pushed his Force India team mate Esteban Ocon into a wall after Turn Three. "Sorry guys there was no room," Perez told his team over the radio. Vettel got past Verstappen before the safety car emerged and slotted in behind Hamilton, but his race unraveled when the German pitted first on the 14th lap but got stuck in traffic and overtaken by the Dutchman when he made his stop for fresh tires. BACK MARKERS Hamilton was cruising up front but suffered a mini-crisis on the 38th lap when he got stuck in a queue of tail-enders, which allowed Verstappen to get right up behind him. The Dutchman had a look up the inside as Hamilton struggled to pass the back markers but the Briton just stayed ahead and was able to pull clear all the way to the checkered flag once he had a clear track ahead of him. "It definitely got a little bit interesting toward the end with the back markers as you could already feel the draft from the cars when you were five and six seconds behind," Hamilton added.