The average transaction price of a new GMC vehicle remained mostly stable between October and November as new-vehicle demand cooled off slightly and some effects of the semiconductor chip shortage subsided.
According to data compiled by Kelley Blue Book, the average transaction price of a new GMC vehicle last month stood at $62,839. This was down a scant 1.1 percent from October, when GMC ATPs stood at $63,562.
Despite GMC vehicle prices remaining stable between October and November, the automaker’s ATPs are still significantly elevated from last year. The ATP of a new GMC vehicle in November 2020 was $55,486 – representing a 13.3 percent increase year-over-year.
High demand for new vehicles, coupled with low inventory and production output from the COVID-19 pandemic and semiconductor chip shortage, have caused a sharp increase in new vehicle ATPs this year. Kayla Reynolds, an analyst for KBB’s sister company Cox Automotive, expects prices to remain elevated for the foreseeable future – although higher trade-in values for used vehicles could help mitigate the effects of sticker shock.
“It’s still a seller’s market, and we don’t expect things to change anytime soon,” Reynolds said. “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.”
Consumer tastes are also impacting new vehicle ATPs, as more and more consumers looking to get into bigger vehicles like full-size SUVs and pickup trucks. This effect is seen clearly with brands like Chevy, which is now selling a greater mix of large vehicles as opposed to smaller passenger cars. For GMC, it means increased demand for models like the GMC Yukon and Yukon XL and GMC Sierra and Sierra HD.