In this day and age, markdowns are rare. Model year changes usually come with a small increase in price, but Cadillac is begging to differ with its first battery-electric vehicle, the Lyriq.
For the 2024 model year, the Cadillac Lyriq will see a price drop — from a starting price of $62,990 for the 2023 model year to “approximately $60,000”, according to the automaker’s consumer website. That price is for basic rear-wheel drive, single-bike trim, and includes destination fees.
Meanwhile, the 2024 all-wheel-drive Lyriq will have a starting price of “about $64,000” – also down slightly from $64,990 for the 2023 model year.
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However, the move to be competitively priced in the luxury mid-size EV market will not come without compromises when it comes to standard equipment.
In a statement sent to Motor Authority, spokeswoman Paige Tatulli said that Cadillac is “adjusting prices to reflect the contents of the vehicle.” This means the base Cadillac Lyriq could lose some standard equipment to reflect the lower price, though the automaker has yet to announce which ones it will drop.
Cadillac is still in Lyriq 2024 pre-orders. A $100 refundable pre-order amount is required to line up. Deliveries are expected to occur in the spring of 2023.
Keep in mind, the Lyriq was originally offered at a base price of $59,900 for the Debut Edition, which is said to have sold out in 10 minutes. That’s a special price for Cadillac’s first EV customer; the regular production Lyriq RWD rises to regular 2023 model year prices just months after.
For the record, the Cadillac Lyriq RWD produces 340 horsepower (253 kilowatts) and 325 pound-feet (440 Newton-meters) of torque from a single motor. Its 100-kilowatt-hour battery is rated to give the EPA an estimated range of 312 miles (502 kilometers).
