The average transaction price (ATP) for a new GMC vehicle fell 2.5 percent year-over-year in September, while the industry new-vehicle ATP declined month-to-month for the first time in five months.
As reported by Kelley Blue Book and Cox Automotive, the ATP for a new GMC vehicle was recorded at $60,081 last month, representing a 2.5-percent year-over-year decline compared to an ATP of $61,597 recorded for September of the 2021 calendar year. The GMC ATP recorded last month was also an increase of 0.2 percent compared to an ATP of $59,963 recorded for August of 2022.
As for all four GM U.S. brands, which includes Buick, Cadillac, Chevy, and GMC, new-vehicle ATP was down 1.3 percent year-over-year to $52,511 last month, as compared to GM’s ATP of $53,220 recorded in September of 2021. Combined, all four GM U.S. brands recorded a month-to-month ATP increase of 0.8 percent compared to a new-vehicle ATP of $52,084 for August of 2022.
As for the broader automotive industry, ATP was down 0.3 percent month-to-month, falling to $48,094 in September of 2022 compared to an ATP of $48,240 for August of 2022, thus marking the first industry-wide month-to-month ATP figure decline in five months. Despite the month-to-month decline, industry-wide ATP was still well above sticker, while also rising 6.1 percent year-over-year compared to an ATP of $45,319 for September of 2021.
Full-size cars and luxury cars had the highest incentives last month at 4.4 percent of ATP, while high-performance cars, vans, EVs, and luxury full-size SUVs and crossovers had the lowest incentives at less than 1 percent of ATP.
The latest figures mark the 16th straight month that new-vehicle ATPs were higher than the average MSRP. One of the contributing factors in this is continued strength in luxury vehicle sales, which made up 18 percent of total new-vehicle sales last month, an increase compared to 17.6 percent of total new-vehicle sales in August of 2022. The average luxury buyer paid $65,775 for a new vehicle last month, a decline of $60 month-to-month compared to a new-luxury-vehicle ATP of $65,835 in August of 2022.