Chevrolet achieved the highest average transaction price (ATP) in its 110-year history in 2020. Chevrolet spokesperson Megan Soule confirmed to GM Authority that the Bow Tie brand’s ATP in the U.S. reached $36,400 during the year, which represents a six percent increase over the 2019 figure.
Sales Results - Q4 2020 - USA - Chevrolet
|MODEL||Q4 2020 / Q4 2019||Q4 2020||Q4 2019||YTD 2020 / YTD 2019||YTD 2020||YTD 2019|
|LOW CAB FORWARD||-10.21%||1,143||1,273||+3.16%||4,637||4,495|
For a brand with such a broad portfolio as Chevrolet, average transaction price is strongly influenced in both directions. On the one hand, the 2021 Chevy Spark in the base LS trim level and five-speed manual transmission is currently the most affordable new car on sale in the country, with an MSRP of just $14,395. On the other, Chevy also sells much higher-priced vehicles such as the Corvette sports car, the Tahoe and Suburban full-size SUVs and the Silverado pickup truck.
With U.S. sales of 21,626 in 2020, the Corvette is and always will be a relatively low-selling vehicle, even with more versions due to arrive in the next few years. The fact that the entry-level Stingray 1LT Coupe has an MSRP of $60,990 therefore has little significance in a discussion about average transaction price for a brand which sold over 1.7 million vehicles in 12 months. Even the introduction of more expensive version such as the C8 Z06, which could go on sale as soon as July of this year, won’t change that all too much.
However, the Silverado is GM’s single most popular model. The 594,094 examples which found customers last year represented 34 percent of Chevrolet sales and 23 percent of GM U.S. sales. Furthermore, the $39,310 MSRP of the rear-wheel-drive 2021 Silverado 1500 Crew Cab Standard Bed in the base WT trim level with the most affordable engine – the 2.7L I4 L3B turbocharged gasoline unit – is $2,910 higher than the reported ATP. It’s safe to assume that most customers paid more than that for their Silverado, and everyone who did so contributed to Chevy reaching its new record figure.
Also contributing to the healthy growth in Chevrolet transaction prices were the brand’s two full-size SUVs – the Tahoe and Suburban. With both models being are all-new for the 2021 model year, it’s safe to conclude that discounts and incentives for both models were very low during their first few months on sale, contributing to those higher transaction prices.