While the Cadillac Escalade continues to be the best-selling vehicle in its competitive segment, it claimed second place in terms of luxury vehicle consideration during the first quarter of 2023, according to a recent study performed by Kelley Blue Book and Cox Automotive.
The study for Q1 2023 revealed that the Cadillac Escalade was the second most shopped luxury vehicle last quarter, which indicates that customers in the market for a new luxury vehicle spent a fair chunk of time doing research on the full-size luxury model. It was second only to the Buick Enclave, a vehicle made by Cadillac parent, General Motors. The Enclave was also the most-shopped luxury vehicle during Q4 2022. The Escalade outperformed the Acura MDX, Lexus RX and Buick Encore, respectively.
Industry-wide, 73 percent of customers interested in a luxury vehicle considered a luxury SUV, up five percentage points from Q4 2022, as well as from Q1 2022. Comparatively, only 45 percent of luxury shoppers considered a luxury car last quarter, down six percentage points from the fourth quarter of 2022 and Q1 2022. In fact, eight out of the top 10 most-considered luxury vehicles were luxury SUVs and not cars.
Overall, Cadillac placed third in terms of luxury brand consideration, attracting 16 percent of all luxury shoppers. This represents a one percent decrease from Q4 2022, and a two percent decrease from Q1 2022. This drop can likely be attributed to decreased interest in the Cadillac CT4 and Cadillac CT5 luxury sedans, and the Cadillac XT5 becoming long in the tooth. The luxury marque was outperformed by BMW with 22 percent, and Lexus with 18 percent, tying with Audi for 16 percent, while outperforming Mercedes-Benz and Buick, both of which attracted 13 percent of luxury shoppers individually.
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