The average transaction price (ATP) of a new Cadillac vehicle fell 4.6 percent year-over-year during July 2024 in the U.S. while decreasing 2.3 percent on a month-over-month-basis.
The latest ATP report from Cox Automotive reveals that buyers of a new Cadillac spent $70,811 on average in the U.S. during July, down from $72,512 in July 2023. On a month-over-month basis, ATP fell 2.3 percent from $74,322 recorded during June 2024.
Industrywide ATPs were virtually unchanged last month, as buyers paid $48,401 for new vehicles in July, down just $23 from $48,424 reported in June 2024 and down $106 from July 2023. Cox also reported that new vehicle ATPs were down 3.1 percent in July compared to the peak, which was December 2022, during which time vehicles sold for $49,929 on average.
Meanwhile, incentive spending swelled last month, accounting for seven percent of ATPs, or roughly $3,383 on average. That’s a modest increase from 6.4 percent in June 2024, and is the highest it’s been so far in 2024. In fact, incentives are up a whopping 59.1 percent compared to one year ago, when average incentive spend accounted for 4.4 percent of ATP in July 2023. In fact, new vehicle incentives last month were at their highest point in more than three years, and that trend will likely continue as vehicle supply slowly outpaces demand.
“Not every brand is seeing sky-high days’ supply, but, in most cases, where there is excess, incentives are climbing,” said Erin Keating, executive analyst at Cox Automotive. “The higher incentives are helping consumers, but stubbornly high interest rates and tighter credit conditions continue to make affordability challenging. If we are going to see the market live up to its potential, we will need to see rates lower, and credit loosen.”
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