As of May 2023, the average transaction price of new GMC vehicles stood at $61,947 per model. That being said, ATPs for Big Red 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 2.0 percent from May 2023 to $63,453 in May 2024. Meanwhile, the average transaction price declined 1.2 percent month-over-month from $64,210 per vehicle in April 2024.
This rise in GMC ATPs 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 $51,239 in May 2024. This represents a 2.0-percent decrease as compared to May 2023 figures, where GM’s ATP stood at $52,268 per vehicle. On a month-over-month comparison, General Motors’ average transaction prices dropped 0.6 percent from $51,806 in April 2024, a stark contrast to the Big Red’s rise.
Overall, the automotive industry recorded a 0.9-percent decline in ATPs year-over-year from $48,830 in May 2023 to $48,389 in May 2024. Meanwhile, ATPs stayed flat month-over-month, where vehicles were selling for an average of $48,368 in April 2024.
“In May, we saw some positive news on the sales front,” Cox Automotive Executive Analyst Erin Keating remarked. “A lot of those sales gains were juiced by higher incentives and lower prices, which is good news for consumers worrying about inflation. While there are a lot of vehicles transacting at very high prices, that doesn’t mean all new vehicles are unaffordable. There are still plenty of excellent, well-priced vehicles out there, particularly in the compact segments.”
“It’s called an average for a reason,” Keating added. “The U.S. market is very diverse, with plenty of popular, high-priced vehicles that sell very well and drive the average higher. The popularity of fully loaded, full-size pickup trucks that are more luxurious than many luxury vehicles is unique to the U.S. market. The Ford F-Series outsold BMW 2-to-1 in May, and BMW’s ATP was only marginally higher than the F-Series.”
It’s worth noting that the report identified three factors that contributed to these changes in May 2024 ATP figures, including:
- The diverse U.S. market is complicating the price picture
- Higher inventory and lower prices go hand-in-hand
- EV prices climb as Tesla prices creep upwards
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