The average price of a used Chevy Colorado increase by more than 13 percent in the 12 months from November 2020 through to November 2021.
According to a recent study conducted by market research firm iSeeCars, the average price of a second-hand Chevy Colorado jumped $3,753 percent to $31,325 between November 2020 and November 2021 – an increase of 13.6 percent.
Surprisingly, this rather significant price jump made the Chevy Colorado one of the vehicles with the smallest used year-over-year price increase. According to iSeeCars, the Colorado’s 13.6 percent price hike was the sixth smallest year-over-year price increase. The Volvo XC90 had the tiniest price increase from November 2020 to November 2021 at 9.3 percent ($3,619). This is representative of the current market situation, with the average transaction price of both new and used vehicles rising dramatically over the past 12 months due to the semiconductor chip shortage, pandemic-related production setbacks and increased vehicle demand.
Karl Brauer, chief analyst at iSeeCars, said the Chevy Colorado experienced a smaller year-over-year price hike than expected due to more competition from rival manufacturers such as Ford, Toyota and Nissan.
“The compact Chevrolet Colorado is a value-oriented pickup with one of the lowest prices in its class, and it has seen increased competition with new entrants to the segment,” Brauer explained.
Brauer expects new and used vehicle prices to remain elevated well into the New Year, with automakers failing to keep up with the increased demand for personal transportation.
“With microchip shortage-related plant shutdowns persisting throughout the year, automakers have not kept pace with pent-up demand, and lingering supply constraints that are expected to continue well into 2022,” he said.
Production of the Chevy Colorado and GMC Canyon is currently offline as GM renovated its GM Wentzville Assembly plant in Missouri to accommodate production of the next-generation 2023 Chevy Colorado and 2023 GMC Canyon – both of which are expected to debut next year.
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Comments
ordered colorado 1st week in april dealer said was built by 1st week of october 2nd week in december still no word of delivery
I just ordered a diesel ZR2 yesterday (12/07/2021). Dealer tells me that I might be lucky to see it by the end of summer.
Watch out I ordered back in March and finally it is coming to the dealer and they’re trying to charge me MSRP now.
I bought a 22 Colorado on the lot with Trailboss package and I’m one that didn’t get the black rims/tires. Still waiting on the red recovery hooks too. So I have half a package….
Ordered 2022 ZR2 2 September arrived 4 November…was one of the lucky ones.
I want to say I hate you… but I’m more jealous than anything else. Glad you got yours. Can’t wait for mine!!!!!