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GMC Average Transaction Price Up 10 Percent In October 2023

The average transaction prices (ATPs) for a new GMC vehicle jumped in October 2023, increasing 10.1 percent to $67,245 per vehicle as compared to $61,075 during October 2022.

According to a report from Cox Automotive and Kelley Blue Book, on a month-over-month basis, the ATP for a new GMC vehicle rose 1.4 percent from $66,336 in September 2023.

It’s worth noting that this notable jump in GMC ATP figures is likely due in part to the increase in GMC Hummer EV deliveries, as well as higher-priced GMC Sierra HD trims like the Denali Ultimate and AT4X.

Front-three-quarter photo of GMC Hummer EV Pickup.

This rise in GMC ATP figures is reflected by a year-over-year rise in transaction prices for parent company General Motors. When including all four of GM’s U.S.-market brands in the calculations – Chevy, Buick, Cadillac and GMC – the ATP for a new GM vehicle was $53,763 in October 2023. This represents a 2.8 percent increase when compared to October 2022 figures, where GM’s ATP number stood at $52,274 per vehicle. On a month-over-month comparison, General Motors’ average transaction prices rose 2.4 percent from $52,513 in September 2023.

Overall, the automotive industry recorded a 1.4 percent decrease in ATP figures year-over-year from $48,606 in October 2022 to $47,936 in October 2023. In contrast to this, ATP increased 0.3 percent on a month-over-month basis, where vehicles were selling for an average of $47,797 in September 2023.

The report identifies two factors for this change in October 2023 ATP figures, including:

  • Non-luxury vehicle prices hold steady in October 2023
  • Luxury prices climb; lead by Tesla
  • Average price paid for an EV climbs in October 2023, but remains below 2022 levels

“New-vehicle prices in October were mostly unchanged from September,” Cox Automotive Research Manager Rebecca Rydzewski claimed in a prepared statement. “The only big mover last month was Tesla, which continues to shift pricing at a surprising pace. In fact, the price shifts at Tesla in 2023 showcase just how dynamic pricing can be with a direct-to-consumer sales model.”

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Comment

  1. While this may contribute to gm, it pushes a new car further and further away from customers. Thus they will be especially sharp when looking to make a purchase… and gm will IMO eventually suffer. All the others provide better style and design and clearly better value, especially the Koreans..

    Reply

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