The average transaction price (ATP) of a new Cadillac Lyriq increased 13 percent during Q3 2023.
As noted in recent report from Cox Automotive, buyers spent $65,983 on average for a new Cadillac Lyriq during the third quarter of 2023, representing the largest increase of any of the luxury marque’s offerings during the same time period. A total of 3,018 units of the Lyriq were sold during Q3 2023, up from the 36 units delivered during the same timeframe in 2022.
The uptick in Cadillac Lyriq ATP isn’t a surprise, considering that more well-equipped models became available for sale during the third quarter of 2023. One year ago, the only Cadillac Lyriq model available was the 2023 Lyriq Debut Edition, which carried a starting MSRP of $59,990, including destination and freight charges. Since then, more trim levels have joined the lineup, with the base Tech trim level starting at $58,590, while the higher-tiered Lyriq Sport 3 starts at $74,590 and Luxury 3 starts at $74,090.
With that in mind, it makes sense that Lyriq ATP has been driven upward by the newfound availability of more expensive models. To that end, almost 40 percent of Lyriq buyers are conquests, meaning that they did not own a Cadillac immediately prior to buying the Lyriq.
Overall, 74,224 new Cadillac models were sold in Q3 2023 across an ATP of $74,244, a five percent uptick from Q3 2022.
As a reminder, the Lyriq rides on the luxury marque’s BEV3 platform, while production is handled at the Spring Hill plant in Tennessee for all markets except for China. Models destined for the Chinese domestic market are made at the Cadillac Jinqiao plant in Shanghai. The 2024 Cadillac Lyriq can be outfitted with a single Ultium Drive motor on the rear axle, while a second Ultium Drive motor can be added to the front axle for an all-wheel-drive configuration that’s also more powerful.
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