The average transaction price for a GMC truck, SUV or crossover increased by less than three percent year-over-year in July as demand for the premium manufacturer’s products remained relatively strong.
The average price paid for new GMC vehicle stood at $58,368 in July 2022, according to Kelley Blue Book, which was up 2.6 percent from the same time period last year and down 0.3 percent from $58,516 in June 2022.
GMC’s sales decreased 13.7 percent to 132,055 units in the second quarter of this year, with sales of all models except the Terrain, Savana and Canyon falling by double digit numbers. The GMC Sierra had the smallest year-over-year sales drop, falling 17.45 percent to 75,495 units. Sales of the GMC Yukon in Q2 fell by 28.45 percent to 17,070 units, while Acadia sales fell 41.64 percent to 15,330 units.
The GMC brand has enjoyed strong ATPs in recent years due to demand for full-size trucks like the GMC Sierra and full-size SUVs like the GMC Yukon, along with increased demand for luxury vehicles. According to Kelley Blue Book, luxury vehicle share remains historically high at the moment, however demand for high-priced models is beginning to show signs of tapering off, falling from 18.2 percent market share in June to 17.8 percent in July. The average luxury car buyer paid $65,530 for a new vehicle in July 2022, which was down $382 from June 2022.
Transaction prices for GMC models look set to remain relatively high in the years to come with the introduction of high-priced premium models like the GMC Hummer EV Pickup and GMC Hummer EV SUV, along with strong demand for well-equipped models from its AT4, Denali and new AT4X trim level ranges. The brand is also set to debut the new battery-electric GMC Sierra EV later this year, which should carry a similarly high asking price to the $106,695 Chevy Silverado EV RST First Edition.