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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 B-Class Electric Drive is a rock star, FedEx tests electric trucks

The Mercedes-Benz B-Class Electric Drive is in a new music video for I Lived by OneRepublic. The band's singer, Ryan Tedder, has also been brought on as a brand ambassador for the German automaker. OneRepublic will also be performing the song at the Mercedes-Benz Media Night on the eve of the Paris Motor Show. No word if Mercedes plans to offer hordes of screaming teenage fans as an option package with the B-Class Electric Drive. See the video (the car shows up around the four-minute mark) or read more in the press release below. FedEx is testing converted electric delivery trucks with diesel range extenders. Looking to shrink its carbon footprint, the company has converted a handful of trucks as part of a pilot program. In addition to battery packs, each truck is equipped with diesel turbine generators (supplied by Ian Wright's company, Wrightspeed) to provide electricity when the battery is depleted. Because the diesel motors aren't powering the vehicle directly, they can continuously run at their most efficient speed, making the trucks about twice as efficient as those powered by traditional means. Read more at Wired. Ford's new aluminum-bodied F-150 will be 5 to 20 percent more efficient, the company says. The fuel economy gains depend on the particular version of the truck, but the biggest improvement will likely come from the 3.5-liter V6 and the 2.7-liter EcoBoost V-6. Automotive News predicts the F-150 SFE to be rated at 21 mpg city/28 highway/23 combined, which are identical figures to the Ram 1500 EcoDiesel. The result could be a noteworthy fuel economy battle between Ford and Ram trucks. Learn more at Automotive News. The US Department of Energy is providing $25 million in funding toward reducing the price of algal biofuels. The goal is to get the price of these renewable fuels below $5 per gasoline gallon equivalent (gge) by 2019, and less than $3 per gge by 2030. The money will fund projects to develop better algal cultures that produce biofuel and other useful bioproducts, and projects to boost biomass productivity. The DOE says it wants to help develop a "bioeconomy" that provides jobs, helps the environment and ensures energy security. Read more at Energy.gov. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Roll like His Airness in this Mercedes SLR McLaren previously owned by Michael Jordan

Often called the greatest basketball player of all time, Michael Jordan also has an interest in fast machines, as evidenced by the recent announcement that he would be establishing a NASCAR team, 23XI Racing, together with Denny Hamlin and featuring Bubba Wallace behind the wheel. It's hardly surprising, then, that he would also be an owner of multiple supercars, many of which could be seen in the ESPN documentary The Last Dance. One of Jordan's previous supercars, this 2007 Mercedes SLR McLaren, is now up for sale on eBay Motors. Besides its celebrity provenance, this Mercedes SLR McLaren is special for another reason: It's the special 722 Edition, built to commemorate the 1955 Mercedes-Benz win at the Mille Miglia. That winning Mercedes-Benz 300SLR racer, piloted by Sir Stirling Moss and Denis Jenkinson, was car #722 (so designated because of its 7:22 a.m. start time). The SLR McLaren 722 Edition features a 650-horsepower supercharged 5.5-liter V8 engine and is able to accelerate from 0 to 62 mph in 3.6 seconds. Top speed is 209 mph. Good thing the front splitter and rear diffuser are modified for increased downforce at high speeds. The ride height also is lowered and the suspension stiffened compared to the regular car, and larger brake rotors are fitted. The interior brings leather and Alcantara upholstery along with gloss-finished carbon fiber trim. Special black wheels and subtle red "722" badges complete the picture. This car has 1,038 miles on the clock, so it must not have been in heavy rotation with Jordan's many other rides. At this writing, the car has a bid of $35,100 with the reserve not met. We'd guess bidding has a way to go before someone has a realistic chance of driving this baby home, since the Buy-It-Now price is $695,750. Featured Gallery Mercedes SLR McLaren ex-Michael Jordan Auto News Celebrities McLaren Mercedes-Benz Auctions Coupe Supercars