The average transaction price (ATP) of new Cadillac vehicles held steady in November 2022, down just 0.8 percent year-over-year while up 0.5 percent month-over-month.
According to a report by Kelley Blue Bookbuyers spent an average of $70,203 on new Caddy in November 2022, up from an average of $69,838 in October 2022, and down from $70,750 in November 2021. KBB noted that while dealer-level inventories of new vehicles increased, prices remained high.
Overall, luxury vehicle sales accounted for 18 percent of total new car sales last month, which must have contributed to the high ATP for the industry. On average, luxury vehicle buyers paid an average of $67,050 in November 2022, up $405 from the previous month. While buyers are still paying above the MSRP for luxury vehicles, prices are slowly trending more towards the MSRP.
Industry-wide, new vehicle ATP was $48,681 last month, up $422 or 0.9 percent from October 2022, and an increase of 4.4 percent, or $2,250, from November 2021. KBB said that new vehicle prices have consistently exceeded ATP since July 2021, thanks to a low supply, high demand scenario across the entire auto industry. However, high prices and high loan rates are likely to be the reason for the decline in new vehicle sales.
“The transaction data from November clearly shows that prices are showing no signs of decreasing as we enter the holiday season,” he said Rebecca Rydzewski, economics and industry insights research manager for Cox Automotive. “The mix of available vehicles still favors more expensive models and higher trim levels. In fact, the average MSRP has increased more than the ATP average year over year, indicating automakers are still building a richer mix of expensive models and less value vehicles.”
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