The Average Transaction Price (ATP) for new Cadillac vehicles was up significantly last month, surging 28.7 percent year-over-year as compared to the ATP recorded in January of 2021.
Per a recent report from Kelley Blue Book, the ATP for new Cadillac vehicles was recorded at $79,926 last month, nearly 29 percent higher than the ATP of $62,081 recorded a year prior. While ATP year-over-year was up significantly, the change month-to-month was up only 1 percent from an ATP of $79,171 recorded in December of 2021.
Regarding General Motors as a whole, which includes all four of the automaker’s U.S. brands (Buick, Cadillac, Chevrolet, and GMC), ATPs increased 20 percent year-over-year, up to $52,206 in January of 2022, as compared to an ATP of $44,668 recorded in January of 2021. Month-to-month, GM’s ATP was was down slightly, as compared to an ATP of $53,436 recorded in December of 2021.
Notably, Chevrolet’s ATP was up 17 percent year-over-year last month, recorded at $47,882 in January of 2022 as compared to an ATP of $40,787 recorded in January of 2021.
Regarding the broader automotive industry, new-vehicle ATPs were up 12.5 percent year-over-year, recorded at $41,248 in January of 2021 and $46,404 in January of 2022. Month-to-month, however, ATPs were down 1.8 percent, with December 2021 recorded at $47,243.
The fall in industry ATP between December of 2021 and January of 2022 is attributed primarily to a decrease in luxury vehicle sales. According to the Kelley Blue Book report, luxury vehicle sales accounted for 16.3 percent of total sales in January 2022, down from 18.4 percent of total sales in December of 2021.
Overall, new vehicle prices are expected to remain elevated for the near future, with new-vehicle supply remaining low, and customer demand remaining high. That said, according to executive analyst for Cox Automotive Michelle Krebs, new-vehicle prices may have finally reached their peak.