As automotive prices rise across most GM brands, the average transaction price (ATP) for the Cadillac Escalade grew 4.4 percent and Cadillac Escalade ESV ATP rose 3.4 percent relative to last year during the second quarter (Q2) of 2023.
ATP for the whole Cadillac brand experienced 4 percent growth over the same period, raising its Q2 ATP above $70,000 for the first time in its history. This means average prices for the Cadillac Escalade and Escalade ESV grew roughly in step with the brand according to Cox Automotive research.
In dollar terms, Cadillac Escalade ATP was $112,478 and Escalade ESV average transactions stood at $114,100. While these prices are up year-over-year, ATP has dropped slightly for both models from Q1, with average Escalade costing close to $2,000 less than during January through March 2023 and the ESV ATP down about $1,200.
Sales volume for the Escalade jumped 35 percent from last year to 7,265 vehicles sold in Q2, and ESV volume rose 12 percent to 4,290 units. Volume was also up from Q1. During the same period, sales for GM as a whole almost reached the 750,000-vehicle mark often seen in Q2 before the COVID-19 pandemic, surging 19 percent from 578,507 vehicles in Q2 2022 to 689,095 units in Q2 2023.
In the matter of incentive spending, the incentives offered by Cadillac climbed 18 percent from last year, in step with GM’s overall 14 percent growth in second quarter incentives from $1,754 to $2,006. Buick incentives grew from $1,077 in 2022 to $1,923 in Q2 2023, a surge of 79 percent year-over-year.
Meanwhile, Chevy incentives rose by only 9 percent. GMC Q2 incentives shrank by 18 percent from $2,193 last year to $1,793 this year. Cox points out both figures are far below the $5,000 to $6,000 in incentives Big Red typically offered before the pandemic struck.
As a reminder, the 2023 Cadillac Escalade has two available powertrain options for its non-V models, including the naturally aspirated 6.2L V8 L87 gasoline engine developing 420 horsepower and 460 pound-feet of torque and the 3.0L I6 LM2 turbodiesel Duramax engine providing 277 horsepower and 460 pound-feet of torque.