The average transaction price (ATP) of a new Cadillac Escalade increased eight percent during the first quarter of 2023 while the overall ATP of a new Cadillac slipped.
A recent report from Cox Automotive reveals that, on average, buyers of a new Cadillac Escalade spent $116,406 on the full-size luxury SUV between January and March 2023, a 7.6 percent increase year-over-year. The extended-length Escalade ESV had an ATP of $115,345, up 4.2 percent from Q1 2022. The slight increase isn’t entirely unexpected, as sales of both Escalade variants decreased last quarter, with the “regular” Escalade selling 5,523 units, down 14 percent, while the Escalade ESV moving 3,705 units, down 9.2 percent. Additionally, it’s likely that the high-performance Escalade-V is driving prices upward, thanks to its $150,000 starting MSRP.
Overall, the luxury marque’s sales increased 29 percent last quarter, moving 36,231 units – close to pre-pandemic figures. It’s also worth noting that pricing appears to be stabilizing, as Cadillac-wide ATP was up just 1.1 percent in March 2023, averaging $65,202 per vehicle across the lineup.
Sales Results - Q1 2023 - USA - Cadillac
|MODEL||Q1 2023 / Q1 2022||Q1 2023||Q1 2022|
Interestingly, the Cadillac Escalade was the only vehicle in the luxury marque’s lineup with sales in the red last quarter. Comparatively, the Cadillac XT4 saw its sales skyrocket 83 percent, while the XT5 also experienced a healthy sales increase of 46 percent as availability of both crossovers improved.
Sales Numbers - Full-Size Luxury SUVs - Q1 2023 - USA
|MODEL||Q1 23 / Q1 22||Q1 23||Q1 22||Q1 23 SHARE||Q1 22 SHARE|
|CADILLAC ESCALADE ESV||-9.21%||3,705||4,081||18%||23%|
|JEEP GRAND WAGONEER||-35.50%||2,044||3,169||10%||18%|
Despite being in the red, the Cadillac Escalade maintained its position as the dominant force in its competitive segment, vastly outselling its rivals for a 46 percent share of the full-size luxury SUV bracket. Clearly, the high Escalade prices haven’t sent enough buyers to other automakers, as the next-closest competitor, the Lincoln Navigator, only sold 4,170 units last quarter, less than half of the Escalade’s figures. In fact, we’d argue that the biggest obstacle to Escalade sales is inventory related.
Want the latest on all things Cadillac? Then subscribe to Cadillac Society for the latest Cadillac Escalade news and around-the-clock Cadillac news coverage. We also invite you to join the latest discussions in our Cadillac forums and Cadillac Escalade forum.