The average Cadillac sale price is shrinking according to the latest data provided by Cox Automotive and Kelley Blue Book, with new vehicles from the luxury marque selling for an average transaction price (ATP) 6.3 percent lower than a year ago in November 2024.
Buyers may be selecting slightly more affordable models from Cadillac, with the current ATP of $72,500 also down 1.4 percent from the October 2024 figure according to the data.
The average transaction was also smaller last month, with a sharp 6.6-percent decrease compared to October 2023. At the same time, the brand was offering some of the smallest incentives in the U.S. market. Meanwhile, a year ago in November 2023, the ATP for the marque climbed 4 percent.
The average transaction for a new Cadillac vehicle amounts to $67,930, still significantly above the industry ATP of $48,724. Average transaction prices in the auto market as a whole rose 1.5 percent both year-over-year and month-over-month in November 2024. Sales topped 1.36 million units, prompting Cox senior analyst Erin Keating to say that “pent-up demand and some improvements in consumer confidence seem to be driving the market” after the presidential election.
Buyers have a bigger choice of vehicles available to them at the moment than in recent years, with more than 3 million units in dealership inventories during November. This is the highest monthly inventory figure since 2020.
Dealers are offering higher incentives than in previous months, with the average incentive in November 2023 at 5.3 percent, in October 2024 at 7.8 percent, and in November 2024 reaching 8 percent. EV incentives were the highest of all at 14.9 percent or, on average, $8,200 for a typical electric vehicle sold during the month. EV ATP is also declining, which may affect Cadillac and its growing number of all-electric models.
Whether or not Cadillac ATP grows in December, reversing the trend of the last several months with buyers choosing less expensive models, remains to be seen. As analyst Erin Keating also points out, “the end of the year typically sees an increase in transaction prices, as luxury sales pick up as the year winds down.”
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