Back in February 2023, the average transaction price (ATP) of a new GMC product stood at $61,694 per unit. Now, Big Red ATP figures have increased year-over-year.
According to a report from Cox Automotive and Kelley Blue Book (KBB), the ATP for a GMC vehicle rose 3.9 percent from February 2023 to $64,269 in February 2024. Meanwhile, the average transaction price increased at a relatively flat 0.6 percent month-over-month from $63,888 per vehicle in January 2024.
This rise in GMC ATP figures is contrasted 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 ATP number stood at $51,215 per vehicle. On a month-over-month comparison, General Motors’ average transaction prices rose 0.9 percent from $50,722 in January 2024, slightly outpacing the GMC brand.
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 ATP figures, including:
- Higher incentives that worked to keep new vehicle prices in check
- Affordable models continue to fade
- EV prices continue to decline despite a rise in Tesla prices
“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
Thank you MotorTrend man of the year.
Keep raising the price and the buyers will keep buying elsewhere. Then at the end of the year there will be big incentives because they are stuck with tons of trucks not selling.
And the supply chain keeps getting worse, probably at 80% below!
BS on there reasons why prices are falling. Simple truth, the avg know it is too hard to afford a 4 digit note and have said no way, prices are ridiculous. So too many vehicles on hand. Time to put those ridiculous wage earners back home. We ,Americans say No.