The average transaction price (ATP) of a new Cadillac vehicle held steady during May 2023, according to a report from Cox Automotive and Kelley Blue Book.
On average, buyers of a new Cadillac vehicle paid $71,695 last month, representing a modest 1.2 percent increase over May 2022, during which time Caddy ATP was $70,824. For the sake of comparison, Cadillac ATPs in April 2023 were $70,975.
Industrywide, buyers in the market for a new luxury vehicle paid $64,396 on average during May, a $239 increase from April 2023. It’s worth noting that May is the second month in a row that the ATP of a luxury vehicle has been below $65,000. Additionally, luxury vehicle share remained relatively high, accounting for 18.4 percent of total new vehicle sales last month and continuing to drive industrywide ATPs higher.
Across the board, buyers of a new vehicle paid $48,528 on average in May, up three percent or $1,393 year-over-year. The May figures also represent a 0.5 percent increase from April’s $48,277.
Incentive spending is also on the rise, albeit not by much. During May 2023, incentive spending accounted for 3.9 percent of vehicle ATP, or roughly $1,914. This is a welcome contrast compared to May 2022, when incentive spending accounted for just 2.5 percent of new vehicle ATP.
To that end, ATPs during May 2023 dipped to $410 below MSRP, indicating that the market is beginning to cool off as supply is able to keep pace with demand for new vehicles. By comparison, vehicles sold for $637 over MSRP on average during May 2022.
“The modest new-vehicle price increase in May was offset by increased incentives, so many buyers were able to find deals below sticker,” said Rebecca Rydzewski, research manager of Economic and Industry Insights for Cox Automotive. “This is good news for consumers as manufacturers are seeing higher inventory and increased competition and need to push sales to keep inventory moving.”
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