The average transaction price of a new GMC vehicle was up 5.2 percent year-over-year in June, according to Kelley Blue Book, outpacing the industry-wide average increase of 1.9 percent.
A new GMC vehicle retailed for an average of $58,131 last month, up 5.2 percent year-over-year from $ $55,267. The brand’s ATPs also went up slightly from May 2022, rising 0.7 percent to $55,267. Higher ATPs at GMC are mainly being driven by high-priced products like the GMC Sierra 1500 and GMC Sierra HD full-size trucks, as well as the GMC Yukon and Yukon XL full-size SUVs. The automaker also sold 272 examples of the GMC Hummer EV Pickup First Edition in June, for total sales of 371 units year-to-date.
The average price paid for a new non-luxury vehicle last month was $43,942, up $615, or 1.9 percent, from May. The average luxury car buyer, meanwhile, paid $66,476, which was up $1,097 from May.
Full-size pickup trucks, electric vehicles and hybrid/alternative energy vehicles have so far seen the most elevated prices compared to last year. A full-size truck sold for an average of $62,470 in June, up 9.1 percent year-over-year from $57,276. Electric vehicle ATPs were up 13.7 percent year-over-year to $66,997 and hybrid vehicle ATPs rose 27.6 percent to $39,040. While truck ATPs have been steadily rising in value for more than a year now, demand for eco-friendly models like EVs and hybrids has also risen in recent months due to high fuel prices.
Incentives for many new vehicles are scarce at the moment, which is further contributing to higher ATPs. Incentives dropped to a record low level in June, KBB reports, averaging just 2.3 percent of the average transaction price. Electric vehicles had the lowest incentives as a percentage of ATP at 0.4 percent, while entry-level luxury cars had the highest at 3.4 percent.
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Comments
This seems to not include the dealer markup fee.
So the money being paid is higher.
My mom would always say the rich get richer , and the poor get poorer.
I never felt rich.
Maule,
Lets see, average price up in June, $1500 price increase for mandatory On Star starting June 2nd on all GMC vehicles, where is the mystery. Way to go Mary. Just sayin–
Adding $1,500 for transportation fee increase. Another $1,500 for the annual vehicle price increase. Add another $1,500 for three years of mandatory OnStar… The dollars add up…
I’m a male with a masters degree, supporting a family. GM priced me out of the new truck market a long time ago. Now watching price increases and dealer mark ups is just entertainment to me. Did someone say “market share tanking”.