As of February 2023, the average transaction price of a new Buick vehicle stood at $38,898. Now, the Tri-Shield brand’s ATP has decreased on a year-over-year basis.
According to a report from Cox Automotive and Kelley Blue Book (KBB), the ATP for a Buick vehicle dropped 5.2 percent from February 2023 to $36,876 in February 2024. Meanwhile, the average transaction price fell 1.3 percent month-over-month from $37,360 per unit in January 2024.
It’s worth noting that the introduction of the all-new Envista likely served to drag Buick transaction prices south.
This decline in Buick ATPs is reflected by a year-over-year decline 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 $51,151 in February 2024. This represents a 0.1-percent decrease compared to the February 2023 figures, where GM’s overall ATP stood at $51,215 per vehicle. On a month-over-month comparison, General Motors’ average transaction price rose 0.9 percent from $50,722 in January 2024, outpacing that of Buick.
Overall, the automotive industry recorded a 2.2-percent decline in ATP figures year-over-year from $48,316 in February 2023 to $47,244 in February 2024. In addition, ATPs fell 0.1 percent on a month-over-month basis, where vehicles were selling for an average of $47,279 in January 2024.
“While everyone may applaud that prices are coming down, even marginally for the moment, affordability is still challenging the market,” Cox Automotive Executive Analyst Erin Keating stated. “Most shoppers have not seen their incomes increase as quickly as vehicle prices, so affording a new vehicle remains difficult. We should also note that despite rising inventory, which is good for consumers, the levels are muted, not alarming.”
The report identified three factors that contributed to these changes in February 2024 ATPs, including:
- Higher incentives that worked to keep new vehicle prices in check
- Affordable model availability continues to fade
- EV prices continue to decline
“Our research continues to show that price remains a significant barrier for consumer adoption,” Cox Automotive Director of Industry Insights Stephanie Valdez Streaty claimed in a prepared statement. “While the higher inventory levels and increased competition continue to drive down the price premium of EVs, it’s important to acknowledge that EVs remain priced above mainstream non-luxury vehicles by nearly 19 percent.”
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Comments
Buick offers more features/luxury than Chevrolet or Toyota yet has a lower ATP. With Envista, it seems Buick has abandoned “personal luxury”, and is instead aiming for the mainstream buyer in the market for something different.
It’s a small line up, cheap to build alongside Chevrolet, and helps fill out GMC dealerships and increase volume. I doubt GM can save Buick long-term even though new adverts are good.
Buick’s long-term survival in the USA really hinges on product. If General Motors is willing to invest in beautiful, quality products for Buick and market them properly, Buick could prosper again.
Just bought a new Envision Avenir $8000 off the sticker with a generous trade in for my ‘ 17. Sapphire Blue with whisper beige seats. Picking it up on Saturday. Hope it’s as good a vehicle as the ‘ 17 has been.
Sid, where ? Here in Philly o can only get 3k off the sticker plus 3k in rebates. I would like to buy one by May.
Parks GMC/Buick in Greenville SC. We wanted the blue and they only had the 1 which they actually are bringing from one of their dealers in N.C. They have about the largest inventory of Envisions I’ve seen. The Buick dealer here in Asheville only 1. Don’t see many Buicks here in Subaru hell…..I like driving a vehicle you don’t see on every corner.