The average transaction price (ATP) of a new Cadillac vehicle in the U.S. took a slight downturn during September 2024, slipping 3.1 percent as industrywide prices continue to stabilize after years of record highs.
New Cadillac vehicles raked in $71,567 on average according to the latest data from Cox Automotive. That represents a slight decrease from $71,080 reported in August 2024, as well as very slight increase of 0.7 percent compared to September 2023. One year ago, buyers paid $73,890 on average for a new Cadillac vehicle.
ATPs across all automotive brands increased very slightly month-over-month to $48,397 in September 2024 while decreasing 0.4 percent year-over-year. The stabilization in ATP is a reflection of increased incentive spending across all brands; in fact, industrywide incentive spending increased to 7.3 percent of ATP last month, up from 7.2 reported in August 2024 and greatly exceeding the 4.8 percent reported in September 2023.
Manufacturers continue to offer more generous incentives in order to move older stock as new vehicle supply swells. In fact, new vehicle inventory levels reached 2.84 million units at the beginning of September, up from the 2.61 million units reported in January 2024, and 2.07 million units on dealer lots in September 2023. The may be a result of buyers feeling inflationary pressures along with pre-election hesitation.
“New-vehicle transaction prices continue to be very steady this year, and higher incentive spending is helping maintain sales volume,” said Cox Automotive Executive Analyst Erin Keating. “We still believe there is potential for growth in the market for the rest of the year, but with the uncertainty of a national election around the corner and major weather events disrupting business, maybe a slow, steady pace is all we should expect.”
Additionally, it’s worth noting that ATPs for electric vehicle also didn’t change much. EV ATPs last month steadied at $56,351, down from September 2023, but up from August 2024.
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The explanation makes sense.
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