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CAFE standards set to rise to 54.5 mpg for 2025

President Barack Obama on Friday revealed ambitious plans to raise the corporate average fuel economy standard for cars and light trucks to 54.5 mpg by the 2025 model year, a landmark move that will dramatically remake carmakers' product portfolios and consumers' buying habits. Unlike the first CAFE standards passed by Congress in 1975, the Detroit automakers now publicly support the high requirements and have begun retooling their fleets to adapt the changes. “[This] represents the single most important step we've ever taken as a nation to reduce our dependence on foreign oil,” Obama said in a morning press conference.

Subaru adds Limited trim to the Impreza for 2012, holds base-model price

Subaru is keeping base-model prices the same for the 2012 Impreza, starting at $18,245 with destination, and is adding a Limited model to the lineup. The Impreza 2.0i Limited model starts at $22,345 for the four-door version and $22,845 for the five-door. The base-model four-door Impreza 2.0i still comes standard with five-speed manual transmission.

Double Oh My! James Bond Aston Martin sells for $4.6 million

Perhaps the single most breathtaking car of the fall auction season, a 1964 Aston Martin DB5--better known as the James Bond car--sold for $4.61 million to Ohio collector Harry Yeaggy on Wednesday at the RM Auctions Automobiles of London sale. The Aston was expected to sell for more than $5 million, and the sale fell a bit short of that, registering a final bid of 2.6 million British pounds, or $4,114,760. Buyer's premiums raise the total sale price to $4.61 million.