Buyers of a new Cadillac vehicle in the U.S. enjoyed a slightly lower average transaction price (ATP) during August 2024 on a year-over-year basis. The price of a new Caddy dropped 3.9 percent in August 2024 versus August 2023 while remaining relatively stable compared to July 2024, rising by just 0.4 percent.
Specifically, buyers paid an average of $71,008 for their new Cadillacs according to the latest study from Cox Automotive. That puts the luxury marque right on par with industrywide trends as ATPs continue to fall across the board. Inventory at the dealer level is rising steadily due to a combination of factors, including falling demand for new vehicles and pre-election concerns among consumers.
Industrywide vehicle inventory is up a significant 40 percent on a year-over-year basis. That means that there are more affordable options on the market for buyers to choose from stemming from less demand for pricier luxury vehicles.
Meanwhile, incentives are again on the rise, especially for luxury vehicles. In fact, incentives accounted for 10 percent of ATP in August, the most generous it has been in quite some time. It was also just shy of the all-time high recorded in December 2018, during which incentive spending accounted for 10.8 percent of ATP.
”In the face of a sluggish sales pace – 15.1 million in August – more dealers are pulling the only lever they have: higher incentives,” said Erin Keating, Cox Automotive Executive Analyst. “This shift to a buyers’ market is good news for consumers but certainly impacts dealer profitability. Automakers are coming to the table with more incentives, but credit remains tight, putting more pressure on dealers to get creative with additional discounts and financing, affecting the bottom line.”
Additionally, it’s worth noting that electric vehicle ATP held relatively steady as demand for battery powered models stabilizes. EV ATP last month clocked in at $52,482, down from August 2023, but up slightly from July 2024.
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