The average transaction price of GMC vehicles reached nearly $57,000 in Q2 2021.
GMC enjoyed a strong average transaction price of $56,986 last quarter, which is its highest ATP yet for a second quarter by more than $4,000, according to data from Cox Automotive.
The brand’s highest-priced models drove this increase, with the GMC Yukon, Yukon XL and Sierra all seeing record-high ATPs for a second quarter. The average transaction price of a Yukon increased 14 percent to $76,118, which is its highest level for the quarter by nearly $10,000. The price of a Yukon XL rose 12 percent to an average of $79,111, its highest level by $9,000. The Sierra, which is the brand’s highest-volume model, saw a 6 percent increase to $62,462, breaking the previous Q2 record by about $4,000.
High demand caused by a backlog in new vehicle production has driven the price of new vehicles up dramatically in recent months, with many consumers willing to pay the sticker price or sometimes even above MSRP to get the vehicle they want. Demand is particularly high for full-size trucks and SUVs and this trend is clearly reflected in GMC vehicles’ average transaction price, showing massive price increases on the Yukon, Yukon XL and Sierra. This trend has also driven down incentive spending for GMC and other GM brands.
The average price of a GMC vehicle will likely hold steady in the coming years as the automaker continues to offer more premium, high-end trucks and SUVs. For example, the GMC Hummer EV First Edition, which will launch later this year, carries a base price of $112,595. Lesser GMC Hummer EV models will also approach or exceed the $100,000 mark depending on the options chosen. The recent addition of more off-road focused AT4 trim models may also help attract higher ATPs in the future.