The average transaction price of a new Cadillac vehicle fell by 6.4 percent year-over-year in July 2022 as demand for new luxury vehicles cooled off.
According to data compiled by Cox Automotive and Kelley Blue Book, the American automaker’s ATPs stood at $70,603 in July 2022, down 6.4 percent year-over-year from $75,424. While the brand saw ATPs fall on a year-over-year basis, they rose by 0.6 percent from June, when it recorded ATPs of $70,205.
This small year-over-year change may be attributed to certain Cadillac models at dealerships in larger numbers. GM focused a large portion of its production capacity on profitable models like the Cadillac Escalade at the height of the chip shortage last year, driving up ATPs as dealerships sold these high-priced models. Now that access to chips and other components has improved, less-costly Cadillac models like the Cadillac CT4, CT5 and XT4 have begun arriving at dealerships in greater numbers.
Ironically, the average transaction prices for the Cadillac CT4 and CT5, two of these more-affordable Cadillac nameplates, were up significantly year-over-year in July. We assume this trend can be at least partially chalked up to the Cadillac CT4-V Blackwing and Cadillac CT5-V Blackwing ultra-performance models being produced and sold in greater numbers this year than in 2021.
According to Kelley Blue Book, the average luxury car buyer paid $65,530 for a new vehicle in July 2022, which was down $382 from June 2022. Luxury vehicle share remains historically high at the moment, but fell from 18.2 percent market share in June to 17.8 percent in July.
The average price for a new electric vehicle was over $66,000, which “remains well above the industry average and more aligned with luxury prices versus mainstream prices,” according to KBB. This is potentially good news for Cadillac, which just released the electric 2023 Cadillac Lyriq First Edition crossover with a starting price of just under $60,000.
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