The average transaction price (ATP) of a new Cadillac vehicle increased 4.1 percent year-over-year in April 2024.
According to the latest report from Cox Automotive, buyers of new Cadillac vehicles spent $73,799 on average, compared to $70,925 reported in April 2023. On a month-over-month basis, ATP increased 1.9 percent in April, up from $72,528 in March 2024.
Last month, Cadillac ATP did not reflect trends from the greater automotive industry. ATPs industrywide fell 0.5 percent from April 2023 while increasing 2.2 percent month-over-month. In fact, ATPs in April 2024 were the highest they had been since December 2023. This may be, in part, due to fewer selling days in April, resulting in lower dealer inventory during the time period.
Additionally, incentive spending decreased in April. Incentives totaled 6.3 percent of new vehicle prices industrywide, down from 6.6 percent reported in March. This was the first time incentive spending decreased since October 2023.
Sales of new luxury vehicles accounted for 18.4 percent of all new vehicle sales. Luxury vehicle ATP was $64,076, up 2.4 percent from March 2024 but down from the $65,418 year-over-year. Incentives accounted for six percent of ATP, down from 7.4 percent of ATP in March but up from just 3.6 percent year-over-year.
“The month-over-month increase in pricing in April is likely just a reflection of some pullback on incentives compared to the end of Q1, in March, when many automakers were pushing discounts to hit a strong finish to the quarter,” said Erin Keating, executive analyst at Cox Automotive. “Still, prices are down year over year. Affordability challenges continue to lurk, and as inventory slowly builds, we can expect to see incentives slowly grow through the remainder of 2024 to help keep any sales momentum alive.”
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