Back in June 2023, Cadillac average transaction prices stood at $75,110. With that in mind, the luxury marque’s ATPs dropped slightly on a year-over-year basis.
According to a report from Cox Automotive and Kelley Blue Book, the ATP for a new Cadillac vehicle dropped 3.5 percent from June 2023 to $72,467 in June 2024. Meanwhile, the average transaction price fell 0.9 percent month-over-month from $73,098 per vehicle in May 2024.
This drop in Caddy 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 $51,194 in June 2024. This represents a 2.3-percent decrease as compared to the June 2023 figures, where GM’s ATP stood at $52,417 per vehicle. On a month-over-month comparison, General Motors’ average transaction prices posted a zero-percent standstill at $51,186 in May 2024.
Overall, the automotive industry recorded a 0.6-percent decrease in ATPs year-over-year from $48,951 in June 2023 to $48,644 in June 2024. Meanwhile, ATPs climbed 0.6 percent month-over-month, where vehicles were selling for an average of $48,378 in May 2024.
“As we head into the back half of the year, we are seeing that automakers are showing real discipline on pricing,” Cox Automotive Executive Analyst Erin Keating noted in a prepared statement. “Even brands holding onto more days’ supply, like many Stellantis brands, are keeping incentive spend in check. In June, Jeep increased to 6.3 percent – still below industry average – from 5.3 percent, and Ram actually declined to 5.5 percent from 6.3 percent. There appears to be a real effort to hold the line out there.”
“Anytime you speak in averages, there will be factors that can skew the big picture,” Keating added. “We know that nearly half of the market sells for well below average, so the elevated ATP doesn’t mean there are no affordable vehicles for customers. At the same time, it is often the monthly payment that really matters, so we can’t ignore the impact interest rates are having on people’s ability to pay.”
It’s worth noting that the report identified two factors that contributed to these changes in June 2024 ATPs, including:
- Affordability and credit availability are important elements
- EV prices trend upwards after bottoming out in March 2024
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