The average transaction price (ATP) of the Cadillac CT5 rose exactly 14 percent in Q1 2023 despite an overall drop in the luxury marque’s ATP figures.
According a Cox Automotive report, the average transaction price for a Cadillac CT5 in the three months from January 2023 until the end of March 2023 stood at $63,055, a 14 percent increase year-over-year. In fact, the CT5 had the largest increase in average transaction price of all Cadillac models. Sales of the Cadillac CT5 followed this trend, rising more than 37 percent to 4,593 units.
This rise in CT5 sales and average transaction prices correlates with an overall rise in Cadillac sales, which saw an almost 30 percent jump from 28,261 units in Q1 2022 to 36,321 units in Q1 2023. This puts sales figures of the luxury marque near pre-pandemic levels.
Sales Results - Q1 2023 - USA - Cadillac
| MODEL | Q1 2023 / Q1 2022 | Q1 2023 | Q1 2022 |
|---|---|---|---|
| CT4 | +43.26% | 2,712 | 1,893 |
| CT5 | +37.39% | 4,593 | 3,343 |
| ESCALADE | -14.03% | 5,523 | 6,424 |
| ESCALADE ESV | -9.21% | 3,705 | 4,081 |
| LYRIQ | * | 968 | * |
| XT4 | +83.00% | 6,773 | 3,701 |
| XT5 | +45.90% | 7,285 | 4,993 |
| XT6 | +25.98% | 4,762 | 3,780 |
| CADILLAC TOTAL | +28.72% | 36,321 | 28,216 |
Sales of the Cadillac XT4 performed quite well, posting an 83 percent increase to 6,773 units sold in Q1 2023. Next up was the Cadillac XT5, which saw an impressive 46 percent increase to 7,285 units in Q1 2023. In fact, almost every single Cadillac product saw an increase in sales besides the Cadillac Escalade, posting a 12 percent decline to 9,228 units sold in Q1 2023.
It’s worth noting that the Cadillac Lyriq wasn’t available in Q1 2022, and thus doesn’t have any sales numbers from that timeframe.
Despite the overall rise in sales, Cadillac incentive spending was down nearly 28 percent in Q1 2023 on a year-to-year basis. This represents an average incentive of $2,800 per vehicle, which was down from $3,871 per vehicle in Q1 2022. The average incentive spending across all four of GM brands in the third quarter of this year stood at $1,908 per vehicle.
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 Q1 2022 sales of 509,108 units.
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Comments
So, I looked at the GM fleet order guide and it shows no changes for 2024 CT4 and CT5.
Has the refresh been canceled or delayed or is the fleet order guide up right now just place holders?
I will tell you why the transaction price is up. The dealers do not have a wide range. It’s whatever is on the lot and there isn’t anything in between as far as options. For Example, I purchased a 2023 CT5 this March. The one option I would want for my car is 3k add on but when I look around for a car that matches that I would need to spend 59k. Mine was listed for 46,500 and I was able to get it for 40k plus taxes and stuff 45k out the door. The one I wanted would have been 59 then add taxes putting it in the 60s. GM is keeping stock down to push prices up. I read average sale price across GM was 53k which makes getting a car you younger people almost impossible. Now, because it was a car, I was able to get the price down. I was looking at a Chevy Blazer that was at a sticker of 47k, I asked for best price the dealer basically said that’s the price. So I told him no wonder people are running to Kia and others. I’m a car guy so glade I got the CT5.