The average transaction price (ATP) of a Cadillac CT4 rose by nearly 12 percent in Q3 2022 amid continued demand for the small luxury four-door sedan.
According a Cox Automotive report (PDF), the average transaction price for a Cadillac CT4 in the three months from July until the end of September stood at $53,804, an 11.5 percent increase year-over-year. In fact, the CT4 had the largest increase in average transaction price of all Cadillac models. Sales of the Cadillac CT4 were also up during this time period, rising 178 percent to 2,581 units.
Sales of the 2023 Cadillac CT4-V Blackwing likely helped contribute to this increase in average transaction price, but it can mainly be attributed to GM producing more fully equipped units at the GM Lansing Grand River plant in Michigan, which was shuttered for much of 2021 due to the semiconductor chip shortage. For reference, the 2023 CT4-V Blackwing starts at $61,890, while the CT4 in Luxury trim starts at $35,790.
This rise in CT4 sales and average transaction prices correlates with an overall rise in Cadillac sales, which saw an almost 50 percent from 22,519 units in Q3 2021 to 33,672 units in Q3 2022.
Sales Results - Q3 2022 - USA - Cadillac
| MODEL | Q3 2022 / Q3 2021 | Q3 2022 | Q3 2021 | YTD 2022 / YTD 2021 | YTD 2022 | YTD 2021 |
|---|---|---|---|---|---|---|
| CT4 | +178.42% | 2,581 | 927 | +21.07% | 7,091 | 5,857 |
| CT5 | +268.81% | 2,991 | 811 | +37.57% | 10,505 | 7,636 |
| ESCALADE | -2.19% | 6,111 | 6,248 | -6.93% | 17,938 | 19,274 |
| ESCALADE ESV | -0.90% | 3,842 | 3,877 | +1.50% | 11,741 | 11,567 |
| LYRIQ | * | 36 | * | * | 36 | 0 |
| XT4 | +929.63% | 5,838 | 567 | +75.45% | 14,971 | 8,533 |
| XT5 | +31.86% | 7,260 | 5,506 | -23.97% | 18,894 | 24,852 |
| XT6 | +9.43% | 5,013 | 4,581 | -18.79% | 14,392 | 17,722 |
| CADILLAC TOTAL | +49.53% | 33,672 | 22,519 | -0.35% | 95,591 | 95,925 |
Despite the rise in sales, Cadillac incentive spending is down almost 57 percent in Q3 2022 on a year-to-year basis. This represents an average incentive of $2,086 per vehicle, which was down from $4,843 per vehicle in Q3 2021. The average incentive spending across all four of GM brands in the third quarter of this year stood at $1,353 per vehicle.
The average transaction price of almost every single GM product was up on a year-to-year basis. The only vehicle that saw a decrease was the Chevy Bolt EV, which fell almost six percent to $35,042.
Overall, total GM Q3 2022 sales in the United States – which include Chevrolet, Buick, GMC and Cadillac – increased almost 25 percent to 555,580 units. That’s still far behind GM Q3 2020 sales of 665,192 units. The semiconductor chip shortage had yet to fully take hold in Q3 2020, which is the main reason behind the large year-over-year decrease in sales volume between Q3 2020 and Q3 2021.
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Comments
BW increased the Avg.
They really need to redesign that thing’s back end