The Average Transaction Price (ATP) of a new Cadillac CT4 luxury sedan grew 10.5 percent year-over-year during the second quarter of 2023, according to a recent report from Cox Automotive.
On average, buyers of the CT4 shelled out a cool $55,018, up roughly $5K from Q2 2022, during which the ATP of the luxury sedan was $50,852. Sales of the CT4 also increased four percent to 2,724 units last quarter, indicating that the luxury marque is able to produce more units to satisfy demand for the luxury sedan, although the increase in ATP suggests that customers are still willing to pay exorbitant prices to secure the CT4 for themselves.
The addition of the Cadillac CT4-V Blackwing to the lineup could also be, at least partially, responsible for increased ATPs. Unsurprisingly, the ultra-high-performance model in the CT4 range fetches a pretty penny, as the 2023 model starts at $61,890 when outfitted with the standard six-speed manual transmission, while opting for the 10-speed automatic brings the starting price to $65,065. It won’t be surprising if the CT4-V Blackwing continues to contribute to increased Cadillac CT4 ATPs, as the 2024 model’s price has increased to $62,890 for the manual transmission and $66,065, including destination and freight charges.
On a related note, vehicle incentives are also gradually improving, though they’re nowhere near where they were prior to the COVID pandemic. Cadillac incentives during Q2 2023 averaged $3,115 per vehicle, up 18 percent year-over-year but barely clearing half the incentive spending in 2021, during which the luxury marque averaged over $6,000. Even further back, customers received over $9,000 average per new Cadillac model back in 2018. Obviously, the lack of incentive spending also has an effect on the CT4’s increased ATP last quarter, although this trend may be leveling out in the customer’s favor as vehicle supply across the board improves.
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