Buick Average Transaction Price Rises 1.9 Percent In October 2022
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Buick customers paid more for a new vehicle in October as compared to the average transaction price (ATP) for a new Buick vehicle recorded in October of 2021 in the United States.
Per a new report from Kelley Blue Book and Cox Automotive, the ATP for a new Buick in October of 2022 was $38,851, 1.9 percent higher than an ATP figure of $38,123 recorded a year prior. New Buick ATP was also down month-over-month, falling from $39,393 recorded for September of 2022.
Looking at GM’s broader ATP figures, including numbers from all four of GM’s U.S. brands (Buick, Cadillac, Chevy, and GMC), new-vehicle ATP was recorded at $52,416 in October of 2022, flat (a decline of 0.1 percent) from an ATP of $52,473 in September of 2022. GM’s collective ATP figure last month was also down 3.7 percent year-over-year as compared to a figure of $54,454 recorded in October of 2021.
Meanwhile, the automotive industry as a whole recorded minimal change in ATP (up 0.2 percent) month-over-month in October of 2022, rising to $48,281 from an ATP of $48,206 in September of 2022. Auto industry ATP was also up 3.8 percent year-over-year, rising from $46,506 recorded for October of 2022.
The report also indicates that October of 2022 marked the 17th straight month that new-vehicle ATPs were higher than their respective MSRPs, and that auto incentives remained at historically low levels, recorded at 2.1 percent of new-vehicle ATP in October of 2022, as compared to 4.3 percent of new-vehicle ATP recorded in October of 2021. Luxury vehicles had the highest average incentives last month at 4.4 percent of ATP, while vans, mini-vans, high-performance cars, and luxury full-size utility vehicles had the lowest incentives at less than 1 percent of ATP.
The report indicates that strong luxury vehicle sales boosted broader industry ATP figures, with luxury vehicles accounting for 17.8 percent of total vehicle sales in October of 2022, a slight decline from 17.9 percent the month prior. Additionally, new-vehicle inventory is showing signs of improvement, although some brands are showing faster recovery than others.
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