According a Cox Automotive report, the average incentive offered on a Buick vehicle sold in the U.S. in Q1 2023 stood at $2,906 per vehicle, which was up from $2,022 per vehicle in Q1 2022. The average incentive spending across all four of GM brands in the fourth quarter of this year fell three percent to $1,908 per vehicle.
Mirroring incentives spending, overall Buick sales also increased almost 100 percent from 19,146 units in Q1 2022 to 38,138 units in Q1 2023.
Sales Results - Q1 2023 - USA - Buick
|MODEL||Q1 2023 / Q1 2022||Q1 2023||Q1 2022|
As seen in the table above, every single Buick product posted an increase in sales. Most notably, the Buick Envision saw the largest rise with a 242 percent jump to 14,077 units sold in Q1 2023. Equally as impressive was the Buick Encore GX, which posted a 128 percent increase to 12,279 units sold in Q1 2023. While boasting the lowest jump, the Buick Encore still posted a nearly 14 percent jump to 2,979 units sold in Q1 2023.
Overall, total GM Q1 2023 sales in the United States – which include Chevy, Buick, GMC and Cadillac – increased more than 17 percent to 599,187 units. That’s a noticeable improvement over GM Q3 2020 sales of 509,108 units.
The average incentive spending for GMC vehicles stood at $1,793 per vehicle in Q3 2022, down more than 17 percent from the same time period last year. It was a similar scenario over at Cadillac, with incentive spending averaging $2,800 per vehicle, and down more than 27 percent from Q1 2022 figures. Meanwhile, Chevy incentive spending rose exactly seven percent to $1,846.
While incentive spending did decrease as compared to the same timeframe last year, due to slowing demand and increased supply, overall GM incentives were still up from Q4 2022. It’s likely that this trend will continue moving forward.