The average price paid for a new Cadillac vehicle increased last month, on the rise compared to April 2022. However, the average transaction price for a new Cadillac vehicle decreased compared to March 2023.
The new insights were provided in a recent report from Cox Automotive and Kelley Blue Book.
According to the report, the average transaction price (ATP) for a new Cadillac vehicle was recorded at $70,675 during April of 2023, an increase of 2.8 percent compared to an ATP of $68,765 recorded for April of 2022. The April 2023 figure was also down 2.4 percent compared to an ATP of $72,427 recorded for March of 2023.
Meanwhile, looking at all four of GM’s U.S. brands (Buick, Cadillac, Chevy, GMC) combined, the ATP for a new GM vehicle was recorded at $51,973, an increase of 4.5 percent compared to an ATP of $49,743 for April 2022, and an increase of 1.1 percent compared to an ATP of $51,396 for March of 2023.
Pulling back even further, new-vehicle ATP for the broader automotive industry was recorded at $48,275 in April 2023, which was an increase of 3.7 percent year-over-year compared to an ATP of $46,531 recorded for April 2022. New-vehicle ATP across the automotive industry was flat month-to-month, recorded at $48,289 in March 2023.
According to the report, the average price for a new luxury vehicle was below $65,000 during April of 2023, a decrease of $1,605 compared to ATP figures for new luxury vehicles in March of 2023. Notably, the average price for a new vehicle was below MSRP across the automotive industry for the second consecutive month in April.
In addition, new electric vehicle prices were down over $10,000 year-over-year, while auto incentives reached their highest point in a year during April of 2023, averaging out at $1,714.
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Comments
7 more days then the US will default and we can finally have the big 2008 style economic crash that we need to end this greed & excess.
Enough: I know what you said is not very popular, but I agree. I hate that I agree, but I do. The greed, excess and wasteful buying/spending is so out of control and the companies just feed into it. The social media has only fed this beast to no end. People can’t live a day without taking selfies of everything they do just to get likes and followers. Dangerous and stupid stunts being spread through things like TikTok and whatever other silly platforms they can use. People buying clothing and cars and homes just to show off what they have. A great (sad) example of this is one of my co-workers who started working with us about 5 years ago. In that time (and he’s about 27 now), he’s leased a Volvo S60, then an Alfa and now a BMW. He continues to spend a ton of money on really silly stuff to put on the car he LEASED!! And yet, he’s broke and keeps asking others for money and puts everything on a credit card/s. All for what? So he can show off in his BMW?
This country truly needs a course correction now. The sad part is that the ultra wealthy that propagate most of this broken mentality will hardly notice a thing when the crash does hit.
Would have been helpful if the story explained the DIFFERENCE between “Average Vehicle Price” and “Average Transaction Price” since THAT was what he headline was claiming to describe. How one could increase while the other decreased.
The terminology being used is very inconsistent. But they mean the same thing. The difference in the percentages is comparing April 2023 to April 2022. Then looking at April 2023 to March 2023.