New vehicles for GM’s premium truck and SUV brand GMC saw their average transaction price (ATP) increase only marginally year-over-year in December 2024, leading to relative stable prices for the brand.
According to the December 2024 average new vehicle price report by Kelley Blue Book and Cox Automotive, GMC ATP rose by 0.8 percent compared to December 2023 and 1.6 percent month-over-month compared to November 2024.
The GMC brand’s average transaction of $66,803 was significantly higher than General Motors’ overall $54,921 December ATP. However, the automaker’s average transaction price rose faster than its Big Red subsidiary, growing 2.8 percent year-over-year and 3.1 percent month-over-month.
Given the ATP trends of GMC’s major vehicle styles, its modest increase in average prices is likely thanks to its robust sales of the luxury Denali trims, which account for 30 percent of its U.S. sales. Non-luxury full-size pickups and SUVs/crossovers, and mid-size SUVs/crossovers, saw ATP fall by up to 1.8 percent in December. However, luxury versions of these vehicles enjoyed anywhere from 0.5 percent to 8.2 percent ATP gains during the month.
With the previous record for the overall U.S. auto market at an all-time high ATP of $49,958 back in December 2022, the auto sector’s average transaction of $49,740 in December 2024 approached that historic peak. The industry as a whole saw a 1.3 percent increase relative to 2023 and 1.5 percent over November.
Erin Keating, an executive analyst at Cox, said that “as we reported just after the election, consumer sentiment and confidence have been on the rise.” Luxury vehicle sales of models over $80,000 were particularly strong, leading Keating to remark “vehicles, especially luxury vehicles, are typically an emotional purchase, and when consumers are optimistic, they go shopping.”
She said that for December buyers “the glass was half full,” remarking that “no wonder we saw the lift in both prices and volume.” With both sales and prices tracking higher, and with incentives at 8 percent of ATP or 44 percent higher than the previous December, she concluded that “it was a December to remember, in terms of both sales volumes and prices.”
Comments
It’s going to come crashing down hard at some point!
I have a 2022 GMC Sierra AT4X. I needed a repair and I’ve been without my truck for 7 months. There are no parts available or in production. I’ve just been told to be patient. Before you spend the money be sure to make sure parts are available or in production. They have done nothing to remedy this problem in 7 months