The average transaction price (ATP) of a new Cadillac vehicle fell 3.5 percent year-over-year during June 2024, while decreasing just under one percent on a month-over-month-basis.
The latest report from Cox Automotive reveals that buyers spent an average of $72,467 on new Cadillacs in the U.S., down from $75,110 recorded in June 2023. On a month-over-month basis, ATP fell 0.9 percent from $73,098 reported during May 2024.
Industrywide, new vehicle ATPs held steady at $49,000 during June 2024, representing a $266 increase, or 0.6 percent, over May 2024 and a $307 slip from June 2023. In fact, industrywide ATP was lower year-over-year for the ninth straight month as the industry continues to recover from the low-supply, high-demand scenario spurred by the COVID-19 pandemic. However, it’s worth noting that approximately 40 percent of vehicles transacted below $40,000 in June, while 26 percent transacted between $30,000 and $40,000, signifying that transaction prices are on the decline.
Meanwhile, incentives were lower in June than they were in May. On average, new vehicle buyers were able to take advantage of incentives that equated to 6.4 percent of ATP, or roughly $3,102, down from 6.7 percent in May but up from 4.2 percent one year ago.
“As we head into the back half of the year, we are seeing that automakers are showing real discipline on pricing,” said Cox Automotive Executive Analyst Erin Keating. “Even brands holding onto more days’ supply, like many Stellantis brands, are keeping incentive spending in check.”
Additionally, spending for electric models showed growth after bottoming out in March. Last month, EV ATP rose to $56,371, up 0.9 percent compared to May. Cox notes that EV pricing is largely driven by Tesla, and though ATPs have increased since Q1, EV sales during Q2 increased 11 percent year-over-year. In fact, 330,000 EVs were sold during Q2 2024 – a new record.
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