The Average Transaction Price (ATP) for new vehicles last month remained at an elevated level as compared to 2021, including for Chevrolet.
According to a recent report from Kelley Blue Book, the ATP for new Chevrolet vehicles was recorded at $46,225 in April of 2022, an increase of 5.9 percent year-over-year as compared to an ATP of $43,647 recorded in April of 2021. Notably, the ATP for new Chevrolet vehicles fell 0.7 percent month-to-month between March and April of 2022, with a figure of $46,542 recorded in April.
With regard to all four of GM’s U.S. brands, including Buick, Cadillac, Chevrolet, and GMC, ATPs were up 6.3 percent year-over-year last month, with a figure of $49,741 recorded in April of 2022, and a figure of $46,795 recorded in April of 2021. Month-to-month, GM’s ATP was down 0.4 percent, with a figure of $49,920 recorded in March of 2022.
Stepping back even further, the ATP for the broader automotive industry was up 13 percent year-over-year last month, with a figure of $46,526 recorded in April of 2022, and a figure of $41,172 recorded in April of 2021. Between March of 2022 and April of 2022, the broader industry ATP was up 0.7 percent from $46,223 to $46,526.
According to the Kelley Blue Book report, new vehicle inventory remained sparse in April of 2022, with an average supply in the low 30-days range, while customer demand remained high. As such, most dealers continued to sell inventory at or above the manufacturer’s suggested retail price (MSRP).
“For nearly a year now, we’ve seen new vehicles transacting above suggested retail prices,” said research manager of economic and industry insights for Cox Automotive, Rebecca Rydzewski. “High prices, a lack of inventory, few incentives – the market is changing, pushing many would-be buyers to the sidelines and forcing others to order from future stock and wait. We expect new-vehicle affordability will be a challenge for the foreseeable future.”
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Comments
Dealership are having a field day selling vehicles for over MSRP
It’s becoming much less common. Obvious some still play the game especially with new release models such as the ZR2/Z06. But now that production is ramping and the market is equalizing, the threat of losing allocation through complaints to GM is real.
Most hide behind a “protection package” they charge thousands for that’s spray wax and 50 dollars in front window tint.
Shop around gentleman.
Putinflation strikes again or is it “transitory”?