While the average transaction price (ATP) for vehicles in the U.S. market overall is climbing year-over-year as demand remains robust into winter, GMC new-vehicle ATP is moving in the opposite direction, dropping 2.5 percent compared to November 2023.
Kelley Blue Book and Cox Automotive data shows GMC November 2024 ATP at $62,183, down from last year’s $63,779. The average transaction is also 2 percent less than it was in October 2024, when Big Red had an even larger year-over-year decline in prices of approximately 4 percent.
Incentives are rising in general across the American auto market, reaching 8 percent of ATP in November compared to 7.8 percent in October. However, GMC offers some of the lowest incentives currently available, roughly equaled in this regard only by Land Rover, Porsche and Toyota. On the flipside, 20 brands are offering above-average incentives, with 11 into the double digits (10 percent or more).
Back in November 2023 GMC prices were rising sharply rather than falling. At that time, the ATP for a new vehicle from Big Red skyrocketed 7.8 percent from November 2022. The fall in the brand’s ATP this November may be partly accounted for by a 1-percent decrease in average full-size pickup truck ATP for models such as the GMC Sierra, though medium pickups like the GMC Canyon saw their prices climb 6.6 percent in the eleventh month of 2024.
Cox analyst Erin Keating remarked that “the end of the year typically sees an increase in transaction prices, as luxury sales pick up as the year winds down.” She went on to observe that “yes, prices are trending higher year over year, but higher incentives and discounts are bringing in buyers.”
The highest incentives are for EVs, such as the Hummer EV SUV and Hummer EV Pickup. The typical incentive for battery-electric transport is almost double the overall average at 14.9 percent, leading Erin Keating to point out “EVs right now are the best deals in the market.”
Keating said “following the national election, pent-up demand and some improvements in consumer confidence seem to be driving the market,” though as Cox notes, ATP usually peaks in December thanks to the aforementioned luxury sales.
Comments
I am betting that orange monster is the same color available on the 2025 GM midsize pickups. I’ve also seen new Hummers sitting at the local GMC dealer for months in the “snowdrift” color. Even on a $100k + EV, the bumper colors don’t match the fenders in the otherwise cool snowdrift hue.
I know, I know, downvoters. Facts can be hurtful. Hug?
I do like that orange color, and think it will look good on a Colorado/Canyon.
I didn’t downvote you but I actually kinda like the Orange. It reminds me of the 10th Anniversary Edition H1.
“EVs right now are the best deals in the market.”
Correct. That’s becasue nobody wants them.