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With many factors like the current chip shortage, demand for cars is higher than ever—and prices have risen accordingly. This is especially true for Cadillac, but people seem happy to pay the price to get one of these high-end cars.
According to Autotrader, one Cadillac model can take the credit for the brand's recent success. The Cadillac Escalade has earned a reputation as a top-quality SUV, and it is in high demand.
Car prices increasing across the board
The average new car has a price tag of a whopping $43,355 right now, an increase of 9.6% since August 2020. While this is a fascinating increase as it is, the demand for new cars has affected this even more. A dealer could successfully sell certain models of new cars for more than the MSRP right now.
Cadillac currently has the third-highest average transaction price out of all brands. The only brands with higher average transaction prices are other top luxury brands, Land Rover and Porsche.
One stat in prices that truly sets Cadillac apart, though, is their increase in transaction prices. Their transaction prices increased by 32.6% in the past year, which sits firmly at the top of the list. Genesis holds a distant second place with a 23.7% increase.
Cadillac can thank the Escalade for its success
Cadillac never has much of a shortage of demand. Their new Lyriq electric vehicle has seen significant attention and is a highlight of GM's move to EVs. One vehicle can take the credit for the rise in Cadillac sales and prices, though, and that is the Escalade.
The Escalade has been Cadillac's signature full-size SUV since 1999, but it has just recently gained the market dominance it has right now. In the first half of 2021, Cadillac saw sales of the Escalade double.
This luxury SUV starts at an MSRP of $78,000, and top-trim models can reach prices of $115,000. This price may seem high, but it has not taken away from the vehicle's popularity.
Why is the Escalade so popular?
The first factor in the Escalade's popularity is that it looks as luxurious as it is, making it a true full-size status symbol. Previous model years were often compared to other GM SUVs, particularly the Chevy Tahoe. With its recent redesign, though, the Escalade has truly set itself apart.
The Escalade is also popular because of its technology. Even at the base trim level, the Escalade has a 360-degree parking camera, and this can be viewed through the SUV's amazing 38-inch screen. For increased comfort while driving, the Escalade has innovative semi-autonomous driving.
The Cadillac Escalade has earned its reputation for being a pinnacle of luxury, and it naturally fetches a luxury price. Cadillacs have always been pricier vehicles, but the price of cars overall has been up. To help alleviate some of the pressures of new car prices, you can start by lowering your car insurance with Jerry.
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