The Average Transaction Price (ATP) for new Chevrolet vehicles was up 17 percent last month, as compared to ATPs recorded in January of 2021.
According to a recent report from Kelley Blue Book, the ATP for new Chevrolet vehicles last month was $47,882, an increase of 17.4 percent as compared to the ATP of $40,787 recorded in January of 2021. Notably, ATP fell 2.9 percent between January of 2022 and December of 2021, with the latter recorded at $49,337.
As a whole, all four of GM’s brands in the U.S. (Chevrolet, Buick, GMC, and Cadillac) saw ATPs increase between January of 2021 and January of 2022, with the former recorded at $44,668, and the latter recorded at $52,206, an increase of 20 percent. Between December of 2021 and January of 2022, ATPs for all four U.S. GM brands were down slightly, with ATPs in December of 2021 recorded at $53,436.
More broadly speaking, ATPs across the U.S. auto industry were up 12.5 percent when comparing January of 2022 to January of 2021, with the former recorded at $46,404, and the latter recorded at $41,248. However, ATPs were down 1.8 percent between December of 2021 and January of 2022, with the former recorded at $47,243.
The fall in ATPs across the auto industry is primarily the result of lower luxury vehicle sales last month, with luxury vehicle sales falling to 16.3 percent of total sales in January 2022, as compared to 18.4 percent of total sales in December of 2021. However, prices are still significantly elevated compared to prices last year. Although low, new-vehicle supply appears to be holding steady, while customer demand remains strong.
“The surge in new-car prices appears to have peaked,” said executive analyst for Cox Automotive Michelle Krebs. “Yet, while we expect vehicle supply to improve, it will continue to be tight particularly through the first half of the year. Because of this, we expect prices to remain high for the foreseeable future, but car shoppers can rest assured we don’t anticipate any more record highs.”