The average transaction price (ATP) of a new Cadillac vehicle increased 5.5 percent year-over-year in January 2023.
According to the latest report from Kelley Blue Book and Cox Automotive, buyers shelled out an average of $71,699 per new Cadillac vehicle last month, up from an average of $67,958 during January 2023. Compared to an average ATP of $69,198 during December 2023, ATPs during January 2024 increased 0.3 percent.
Comparatively, industrywide ATP was $47,401 last month, down 2.6 percent from December 2023 and down 3.5 percent over January 2023. The ATP of luxury vehicles was $60,978 in January 2024, the lowest figure since mid-2021. In fact, that’s 11.9 percent lower than January 2023.
KBB notes that it’s not uncommon for new vehicle prices to drop during January as dealers offer discounts to prop up sales during the traditionally slower part of the sales season. In fact, discounts and incentives averaged 5.7 percent of ATP across the automotive industry, up almost 100 percent from 2.8 percent year-over-year. As for the luxury segment, incentives averaged 6.2 percent of new vehicle prices, down slightly from December, but up 123 percent when compared to last January. Luxury vehicles accounted for 19.8 percent of overall new vehicle sales, down from 20.6 percent in December.
“It is common to see lower transaction prices and sales in January, as December typically is a hot month for luxury vehicle sales,” said Erin Keating, executive analyst for Cox Automotive. “However, the year-over-year new-vehicle ATP decline of 3.5% is notable. Prices have been trending downward for roughly six months now as automakers are sweetening deals to keep the sales flowing.”
Additionally, the study found that EV ATP plummeted 10.8 percent year-over-year as buyers paid $55,353 on average. That is an increase from $53,611 recorded during December 2023, which was the lowest point in 12 months.
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