The average transaction price (ATP) of a new Cadillac vehicle increased just 0.3 percent year-over-year in March 2024, as per the latest report from Cox Automotive.
In March – the month where the latest data is available – buyers of a new Cadillac vehicle spent $72,539 on average, up from $72,320 reported in March 2023. However, on a month-over-month basis, the March 2024 figure is 1.51 percent lower than that in February 2024, during which the ATP of a new Cadillac was $73,652.
Cadillac’s stable ATP in March 2024 follows a similar trend industrywide, where new vehicle ATP held at $47,812, down one percent from February and down 5.4 percent from market peak, which was in December 2022. However, it’s worth noting that industrywide ATP is still a whopping 15.5 percent higher compared to March 2021. As for the luxury segment, ATP was $62,067, down from $61,424 recorded during February.
“It bears repeating that historically high interest rates and associated inflation, combined with an ever-widening deficit of available vehicles at lower price points, will continue to challenge affordability for most car buyers,” said Erin Keating, executive analyst for Cox Automotive.
Cox says that higher incentives are at least partially responsible for the stable ATP in March. Industrywide, average incentive spending increased 11 percent to $3,121 industrywide, up 102 percent year-over-year. Luxury vehicle incentive spending was more higher than that of non-luxury vehicles, averaging 7.5 percent of ATP. That’s lower than February, but more than double the incentive spending on a year-over-year basis. Luxury brands and dealers continue to offer generous discounts to prop up sales during the traditionally slower part of the sales season, especially as dealer inventory increases.
The EV segment also saw modest ATP growth. Buyers of a new EV paid $54,021 on average during March 2024, up from $53,707 reported in February, but 9.7 percent lower than in March 2023.
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