The average transaction price of a new Chevrolet vehicle rose 15 percent year-over-year in February – although the automaker’s ATPs actually fell one percent when compared with January’s average.
Customers paid an average of $47,415 for a new Chevrolet vehicle in February 2022 – up 15 percent from $41,239 in February of 2021. This was down one percent from $47,879 in January 2022, which was roughly on pace with the rest of the industry as ATPs for all brands fell by 0.6 percent. The average transaction price for General Motors as a whole was $50,908, down 2.5 percent from $52,210 in January of this year and up 13.4 percent year-over-year from $44,903.
Hot-selling and high-priced Chevrolet vehicles that are contributing to higher average transaction prices include the Chevy Silverado 1500 and Silverado HD, as well as the Chevy Tahoe and Chevy Suburban. Chevy sold 154,244 examples of the Tahoe and Suburban in the U.S. last year, along with 529,765 examples of the Silverado and Silverado HD.
While global events like the COVID-19 pandemic and the semiconductor chip shortage contributed to elevated ATPs across the entire auto industry throughout 2021, these factors are beginning to have less of a negative impact on the automotive industry in recent months, contributing to lower ATPs in January and February. There could be more trouble in the near future, though, as the unrest caused by the conflict between Russia and Ukraine has emerged as yet another factor that could affect auto production output, explained Cox Automotive senior analyst Michelle Krebs.
“The Ukraine situation is causing additional disruption to the automotive supply chain which makes the likelihood of growing inventory, which remains stuck at low levels, less of a sure thing,” Krebs said.
Krebs said many automakers are seeing increased costs for parts and components due to the Ukraine crisis, which may force them to raise prices on certain products even more.
“Consumers are paying near top dollar for new vehicles as prices remain high and incentives fall to a record low,” she added. “With prices for oil and gas, along with commodities like metals used to build vehicles […], automakers may be compelled to try to offset their increasing costs by raising vehicle prices.”
As we reported previously, GMC average transaction prices were up 3.7 percent year-over-year in February, but fell four percent when compared with January’s average.
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Comments
This should surprise nobody. The average price of everything in the US has increased 35-40% since the winter of 2020.
Beef, poultry, fish, steel, aluminum, electronics, petroleum, etc., etc., etc.. This is a lot of fun isn’t it? Paying tons more money and getting tons less…
Don’t forget to mention it will continue to go up.
Surprised the Corvette is not cited as contributing to this phenomenon. Clearly though, since we’re talking about average [actual] transaction price of new cars and not MSRP – what we’re really talking about here is market adjustment – aka – dealer markup.
“Chevrolet Brand Average Transaction Price Up 15 Percent In February 2022”
And GM is happy to brag about it in their quarterly sales press releases.
Ridiculous on the prices of the trucks and to beat it all the dealerships are still adding $5,000 to the msrp and there not participating inthe gm supplier discount that’s a crock of CRAP ALSO a perso works for a certain amount of time and doesn’t even enjoy some of the benefits that we are there us BULL CRAP
Now is not the time to buy any vehicle. Save your money to buy gasoline. Brandon will continue to screw us for 3 more years.