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IRVINE, Calif., Feb. 9, 2022 -- New-vehicle average transaction prices (ATPs) decreased to $46,404 in January 2022, according to new data released today by Kelley Blue Book, after reaching a record high in December 2021. Prices fell 1.8% ($839) month over month mostly due to fewer luxury vehicles being sold in January, but prices remain elevated compared to one year ago, up 12.5% ($5,155) from January 2021. With new-vehicle supply holding steady at the same level since Thanksgiving and customer demand remaining strong, dealers continue to hold prices at or above the manufacturer's suggested retail price (MSRP).
"The surge in new-car prices appears to have peaked," said Michelle Krebs, executive analyst for Cox Automotive. "Yet, while we expect vehicle supply to improve, it will continue to be tight particularly through the first half of the year. Because of this, we expect prices to remain high for the foreseeable future, but car shoppers can rest assured we don't anticipate any more record highs."
WASHINGTON, D.C. (February 7, 2022) — Blustery winter weather and geopolitical tensions are helping to drive the price of oil higher, which is in the low-$90s per barrel, nearly $30 more than in August. The recent cold weather in the U.S increased the demand for heating oil. Meanwhile, the concern that Russia will react to potential western sanctions by withholding crude oil from the already tight global market puts heavy upward pressure on prices. The national average for a gallon of gas has surged to $3.44, eight cents more than a week ago. Gas was last this expensive in 2014.
“This shows how events on the other side of the globe can have a noticeable impact right here in the U.S,” said Andrew Gross, AAA spokesperson. “And unfortunately for drivers, they are reminded of this by higher prices at the pump.”
AUBURN HILLS, Mich., Feb. 2, 2022 --
Alfa Romeo Stelvio Quadrifoglio and Giulia Quadrifoglio make the Car and Driver Editors' Choice list for the fifth consecutive year
Chrysler Pacifica continues its run as Editors' Choice for Minivans
Jeep® Grand Cherokee and Grand Cherokee L take Editors' Choice honors for Mid-Size SUV
Ram 1500, 1500 TRX and 2500/3500 continue their presence on Editors' Choice list
A total of eight vehicles from the Alfa Romeo, Chrysler, Ram and Jeep® brands are among those selected by the editors of Car and Driver for the 2022 edition of the publication's annual Editors' Choice honors.
WASHINGTON, D.C. (February 1, 2022) — As vehicles become increasingly automated, automakers realize some technology may give drivers the false sense that the vehicle can drive itself. To counter this, driver monitoring systems with either a camera or steering wheel detection are used to prevent the deadly consequences of a distracted driver. However, new real-world testing by AAA found systems using a driver-facing camera are best at keeping motorists focused on the road. Unfortunately, the technology is not foolproof and a driver determined to cheat the system can defeat it.
“The key to a safe active driving assistance system is effective driver monitoring that can’t be easily tricked,” said Greg Brannon, director of AAA’s automotive engineering and industry relations. “Vehicle technology has the potential to improve roadway safety, but the last thing we want are ineffective features in the hands of uninformed or overconfident drivers.”
WASHINGTON, D.C. (January 24, 2022) — Despite typical low seasonal demand for gasoline, pump prices are clawing their way higher. The national average for a gallon of gas is $3.33, two cents more than a week ago. The culprit is the rising price for oil, which is now bobbing around $85 per barrel, nearly $20 more than in November. Last week, both OPEC and U.S. energy officials said the COVID-19 omicron variant is no longer expected to slow the continued recovery of petroleum demand in 2022. Despite this, OPEC and its allies are maintaining their planned modest production increases and will not dramatically ramp up output. The result will be a continued tight supply of oil.
“Since dipping to $3.28 in the first week of January, the national average for a gallon of gas has slowly started to rise again,” said Andrew Gross, AAA spokesperson. “And as long as the price for oil remains elevated, consumers will be feeling it at the pump.”