Buick Average Transaction Price Down 4.2 Percent In March 20237
The average transaction price (ATP) for a new Buick vehicle decreased during March of 2023, with both year-over-year pricing comparisons and month-over-month pricing comparisons falling. New vehicle ATP for the broader automotive industry was below the average sticker price, marking the first time in 20 months in which ATP was below MSRP. Broader industry ATP declined month-to-month, but increased year-over-year.
According to a recent report from Kelley Blue Book, the ATP for a new Buick vehicle was recorded at $38,180 during March of 2023, representing a 4.2-percent decrease compared to an ATP figure of $39,842 recorded during March of 2022. The March 2023 figure was down 1.9 percent from an ATP figure of $39,909 recorded during February of 2023.
Averaging all four GM U.S. brands, including Buick, Cadillac, Chevy, and GMC, the ATP for a new GM vehicle was reported at $51,231 during March of 2023, an increase of 2.6 percent compared to an ATP of $49,910 for March of 2022. The GM ATP figure for March of 2023 figure was stable month-to-month following an ATP figure of $51,212 for February of 2023.
As for the broader automotive industry, new vehicle ATP was recorded at $48,008 last month, an increase of 3.8 percent year-over-year compared to an ATP figure of $46,244 for March of 2022. The broader auto industry ATP figure for March of 2023 was down 1.1 percent month-over-month compared to an ATP of $48,558 recorded for February of 2023.
Kelley Blue Book reports that the broader automotive industry ATP for the month of March, 2023 was below MSRP for the first time in nearly two years. Both luxury vehicle and non-luxury vehicle prices were down month-over-month. In addition, auto manufacturers’ incentive spend was at its highest level in 12 months, recorded at 3.2 percent of new vehicle ATP last month, averaging out at $1,516. That said, incentive spend remains at an historically low level, even with the recent increase.
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Outside of JD Power’s positive results, poor Buick just can’t catch a break these days.
I’m so glad Buick has dumped every sedan and gone with a line of crossovers that seem to be just rocking the automotive world. Doing so has produced such outstanding results for the brand!
(Comment is oozing with sarcasm of course)
It’s supply chain shortages genius. But sure, try and shoehorn your sedan argument in that’s basically been disproven time and time again.
umm, if it’s still supply chain issues for Buick, then why is Buick having to discount the vehicles to sell them? Sounds like the real “genius” may be you. GM is (smartly) allocating vehicles to the brands that are selling better. If Buick doesn’t have vehicles to sell, then they absolutely shouldn’t be down on the ATP’s, but should be up in ATP. Economics 101.
A big plus was that Buick sales for Q1 2023 were way, way up. (No sarcasm there, just a fact.)
Dan, do you think the ATP was down for March 2023 because numerous reports have stated that these vehicles are to be refreshed soon ( or replaced altogether as Buick transitions to to nothing but EVs by 2030 )?
Christopher: That’s a really good question and I can’t give you the true answer for sure. I can speculate and in doing so, I feel that people are just not being drawn to Buick. There’s just no selection for people to buy unless you want the same basic box in small, medium or large. Sedan buyers are going to other brands and will most likely never be back. The vehicles they do have are missing a lot of features that people do want (Envision??) due to the chip shortages yet. And finally, in my 12+ years of selling Buick, I’ve learned that those buyers prefer a true American vehicle (not assembled in China or S. Korea, etc). So in my opinion only, I feel that the vehicles Buick is selling need to be discounted to entice the buyers.
Take this suckers that are greedy at the dealers! Buyers have the power to reverse this inflation trend! Let them sit their new cars that they sell with a surcharge !