The average transaction price (ATP) for a new Cadillac vehicle fell by 5.6 percent year-over-year in August of 2022 as luxury vehicle prices trended down closer to sticker prices compared to ATP figures in 2021.
According to data compiled by Cox Automotive and Kelley Blue Book, the average transaction price for a new Cadillac vehicle was recorded at $71,219 last month, down 5.6 percent compared to an ATP of $75,457 recorded in August of 2021. The ATP for new Cadillac vehicles in August of 2022 was up 0.9 percent month-to-month as compared to a figure of $70,557 in July of 2022.
According to the recent Kelley Blue Book report, luxury vehicle buyers doled out an average of $65,935 for a new purchase in August of 2022, an increase of $878 from figures recorded in July of 2022. Last month, luxury vehicle ATPs hit a record of $65,057. Luxury buyers continue to pay over MSRP, but according to the report, prices are trending closer to sticker.
Notably, luxury vehicle share is also historically high, recorded at 17.5 percent of total sales in August of 2022, and as a result, the ATP for the broader auto industry is also higher. That said, luxury vehicle share decreased month-to-month from 17.7 percent recorded for July of 2022.
Also notable was an increase in prices for new electric vehicles, with ATP up 1.7 percent in August of 2022 compared to July of 2022, and up 15.6 percent year-over-year. The ATP for a new electric vehicle was over $66,000 last month, well above the industry average and more in line with luxury prices than mainstream prices. For those readers who may be unaware, Cadillac unveiled its very first all-electric production vehicle, the 2023 Cadillac Lyriq crossover, last year.
Incentives for new vehicles in August of 2022 fell month-to-month compared to incentives offered in July of 2022, recorded at a historically low 2.3 percent of ATP. By comparison, incentives recorded a year ago were an average of 5.5 percent of ATP. Full-size cars and luxury cars had the highest incentives last month.