The average transaction price (ATP) of a new Cadillac vehicle rose two percent year-over-year during May 2024, while decreasing just over one percent on a month-over-month-basis.
As per the latest report from Cox Automotive, buyers of new Cadillac vehicles shelled out a cool $73,076 on average, compared to $71,723 in May 2023. On a month-over-month basis, ATP fell 1.2 percent from $73,981 in April 2024.
May 2024 represented yet another month when Cadillac ATP did not mirror ATP trends of the greater automotive industry. In fact, industrywide ATP was down one percent year-over-year to $48,389. That’s statistically unchanged from $48,368 in April, and down just $442 year-over-year.
Cox notes that increased incentive spending helped make new vehicles more affordable last month. On average, incentive spending accounted for 6.7 percent of new vehicle ATP in May, representing the highest level recorded since May 2021. Incentives during May averaged $3,200, up from just four percent of ATP one year ago.
“In May, we saw some positive news on the sales front,” said Erin Keating, executive analyst for Cox Automotive. “A lot of those sales gains were juiced by higher incentives and lower prices, which is good news for consumers worrying about inflation. While there are a lot of vehicles transacting at very high prices, that doesn’t mean all new vehicles are unaffordable. There are still plenty of excellent, well-priced vehicles out there, particularly in the compact segments.”
It’s worth noting that new vehicle inventory was estimated at 2.84 million units at the start of May, an increase of 51 percent year-over-year and the highest it had been since late 2020. Additionally, most automakers had over 100 days’ supply on hand at the start of May, meaning that higher supply and lower demand contributed to last month’s relatively stable ATP.
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