Back in April 2023, the average transaction price of a new GMC product stood at $63,379 per unit. That being said, Big Red’s ATPs have increased on a year-over-year basis.
According to a report from Cox Automotive and Kelley Blue Book, the ATP for a GMC vehicle rose 1.6 percent from April 2023 to $64,381 in April 2024. Meanwhile, the average transaction price jumped 1.2 percent month-over-month from $63,621 per vehicle in March 2024.
This rise in GMC 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 $51,869 in April 2024. This represents a 1.0-percent decrease as compared to the April 2023 figures, where GM’s ATP stood at $52,409 per vehicle. On a month-over-month comparison, General Motors’ average transaction prices rose 0.6 percent from $51,582 in March 2024, slightly underperforming GMC.
Overall, the automotive industry recorded a 0.5-percent decline in ATPs year-over-year from $48,763 in April 2023 to $48,510 in April 2024. Meanwhile, ATPs jumped 2.2 percent month-over-month, where vehicles were selling for an average of $47,481 in March 2024.
“The month-over-month increase in pricing in April is likely just a reflection of some pullback on incentives compared to the end of Q1, in March when many automakers were pushing discounts to hit a strong finish to the quarter,” Cox Automotive Executive Analyst Eron Keating remarked. “Still, prices are down year over year. Affordability challenges continue to lurk, and as inventory slowly builds, we can expect to see incentives slowly grow through the remainder of 2024 to help keep any sales momentum alive.”
It’s worth noting that the report identified three factors that contributed to these changes in April 2024 ATP figures, including:
- Luxury vehicle share and prices pushed overall ATP higher
- Non-luxury vehicle prices jumped in April 2024, but remain lower year-over-year
- Tesla prices increased for the second consecutive month
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