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GMC Vehicle Average Transaction Price Up 3.3 Percent In March 2024

While the average transaction price for new vehicles in the U.S. market has fallen to its lowest point since December 2022, the ATP for GMC vehicles in March 2024 climbed 3.3 percent higher year-over-year.

Average GMC vehicle price rose from $62,623 in March 2023 to $64,690 at the start of April 2024, though Big Red’s ATP declined slightly, by 0.42 percent, month-over-month since February, according to data from Cox Automotive and Kelley Blue Book.

GMC Sierra trucks at a dealership.

GMC average new vehicle price was higher than the overall ATP for GM’s four brands, including Chevy, Buick, and Cadillac. General Motors prices were stable, rising a modest 0.73 percent year-over-year to $51,591, while declining 0.39 percent month-over-month.

For the U.S. automotive market overall, new-vehicle ATP fell 2.71 percent compared to March 2023 and 0.95 percent relative to February, coming in at $47,218. However, carmaker focus on expensive trim levels and luxury brands is keeping prices higher overall, with a total of 8 models out of approximately 275 priced at $25,000 or under, and a mere two models costing under $20,000.

A GMC dealer.

The latter trends result in “an ever-widening deficit of available vehicles at lower price points,” as described by Cox executive analyst Erin Keating. Keating remarked that this factor, plus “historically high interest rates and associated inflation,” are expected to limit affordability for most car buyers despite the fall in ATP.

Still, 2024 automotive sales are projected to reach levels not seen since 2019. Inventory for March 2024 was 2.74 million units, up 52 percent from the same month a year ago, while sales went down slightly from February. The seasonally adjusted annual rate (SAAR) of sales of 15.5 million indicated for 2024 based on this data should return new vehicle purchases to pre-pandemic volumes.

Front three quarters view of the 2024 GMC Acadia.

Incentives are also increasing, growing 102 percent compared to March 2023 to a market average of $3,121. Mass-market brands like GMC are still offering lower incentives than luxury brands at this time.

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