The average transaction price of a new Chevrolet vehicle remained stable between October and November – even as high demand and an inventory shortage continued to drive prices up across the industry.
According to Kelley Blue Book’s automotive sales analysis for November, the average transaction price of a Chevrolet vehicle throughout the month stood at $50,554. This was essentially even with the ATP from October of 2021, which stood at $51,394.
While Chevrolet ATPs prices remained stable between October and November, they were still much higher than last year at this time. The automaker’s ATPs stood at $42,217 in November 2020, with this year’s November ATPs representing a year-over-year increase of 19.7 percent.
All four of GM’s brands had either stable ATPs between October and November, or saw a slight decrease. Buick ATPs were up by a 5.1 percent, while GMC ATPs were down by 1.1 percent. Cadillac saw the biggest chance, with ATPs falling by 12.5 percent.
These mostly stable ATPs could be a sign that vehicle demand is starting to cool off in the United States after reaching extremely high levels earlier this year due to various pandemic-related factors and the semiconductor chip shortage. Still, prices remain elevated compared to 2020, and Kelley Blue Book believes it will be a while before they return to normal.
“High prices and limited choices likely are keeping many car buyers on the sidelines,” said Kayla Reynolds, an analyst for KBB’s sister brand, Cox Automotive. “It’s still a seller’s market, and we don’t expect things to change anytime soon. However, with high prices being the norm right now for both new and used vehicles, that means trade-in values are very favorable and can help soften the blow for consumers as they purchase their next vehicle.
KBB also says new-vehicle transaction prices remain elevated as more sedans and passenger cars are taking a smaller share of sales. Market share for cars was among the lowest levels ever in November 2021 at 21.6 percent, with larger crossovers and pickup trucks picking up the majority of the slack. This has a particularly strong effect for Chevrolet’s ATPs, as the automaker has pricy SUVs and pickups in its portfolio such as the Chevy Suburban and Chevy Silverado HD.
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Comments
6.8% inflation over the last 12 months in the US (consumer prices in general) + price for the vehicles is super high and rebates are inexistent. Perhaps a sign that we’ve reached a max consumers can/want to pay. We’ll see over the next 2-3 months if this month is an anomaly.
NOT the time to buy a vehicle that’s for sure. Or anything else you don’t have to have.