Cadillac average transaction price (ATP) for new vehicles fell 3.1 percent year-over-year in September 2024, with the typical new Caddy selling for $71,567 rather than the $73,890 it fetched in September 2023, while ATP rose 0.7 percent compared to August 2024.
The 2024 ATP report by Cox Automotive and Kelley Blue Book shows that Cadillac followed the same pattern as other GM core brands, with average prices down somewhat from 2023, but rising a little month-over-month.
Last year, the trend was moving in the opposite direction, with Cadillac prices jumping 5 percent in September 2023 above ATP in September 2022. The fall in Cadillac average transactions is also an ongoing tendency in 2024, with August prices for the luxury brand’s new vehicles down 3.9 percent from the previous year.
These changes occur against the backdrop of a U.S. auto market in which ATP as a whole is declining marginally from 2023, with a 0.4 percent negative change in September. Summarizing the background to these price movements, Erin Keating, a Cox executive analyst, says “with the uncertainty of a national election around the corner and major weather events disrupting business, maybe a slow, steady pace is all we should expect.”
While Cadillac and the other three main GM brands seem to be echoing overall U.S. automotive market conditions, GM President Mark Reuss took the opportunity at the Investor Day presentation to point out the automaker’s differences from its competition. Reuss observed that “our incentive spend as a percentage of ATP is among the lowest of all major OEMs at 4.5 percent for quarter three.”
GM incentives are indeed significantly lower than the 7.3 percent incentives offered on average during September 2024 in the U.S. Reuss also noted “our ATPs this year have remained around $50,000, about $5,000 more than the industry average,” using this as a gauge of demand for GM vehicles.
Expanding on these figures, he added “we have 18 vehicles that have ATPs above averages in their segments,” and highlighted The General’s sales success by reporting “at the same time, we have captured a half a point of retail market share versus 2023 thus far.”
Cadillac is working to electrify its full lineup, so the changes in EV ATP reported by Cox could also be important to the future of nameplates such as the Cadillac Lyriq. Average EV prices are 16-percent higher than ICE prices, but are down from the 19-percent gap earlier in the year. EV incentives are also considerably higher at 12.3 percent.
Overall, Cadillac appears to have held its prices remarkably steady in a market where “many buyers are choosing smaller, less expensive vehicles” according to Charlie Chesbrough, a leading Cox economist.
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