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Chevrolet Average Transaction Price Up 3.5 Percent In May

The average transaction price of a new Chevrolet vehicle was up 3.5 percent year-over-year in May, according to Kelley Blue Book.

A new Chevrolet vehicle retailed for an average of $47,256 last month, up 3.5 percent year-over-year from $45,646. Chevrolet ATPs also rose by two percent from $46,345 in April 2022. Higher ATPs at the mass-market brand are mainly being driven by pricier products like the Chevy Silverado 1500 and Silverado HD full-size trucks, as well as the Chevy Tahoe and Suburban full-size SUVs.

KBB notes the average price paid for a new EV dropped from $65,094 in April to $64,338 in May as more low-priced models entered the market to offset the many luxury EVs available from brands like BMW, Tesla and Mercedes-Benz. Among them were the Chevrolet Bolt EV and Bolt EUV, both of which had ATPs below $40,000, along with the new Kia EV6. While the Bolt EV and EUV are not new entries to the market, sales of these two models only restarted in large numbers recently following an extensive recall and stop-sale related to battery pack fires.

Analysts believe vehicle prices will remain high for the foreseeable future, although with the worst of the chip shortage likely in the past and demand for new vehicles tapering off, it’s unlikely prices will continue to rise at the same rate.

“Prices for both new and used vehicles are showing signs of stabilizing, and price growth will likely decline over the course of the summer as the anniversary of the ‘big squeeze’ in inventory passes,” explained Rebecca Rydzewski, research manager of economic and industry insights for KBB’s sister brand Cox Automotive. “However, no one should expect price drops, as tight supplies in the new market will hold prices at an elevated level into 2023.”

The industry-wide ATP for both mass-market and luxury brands in May 2022 stood at $47,148, up 13.5 percent ($5,613) from May 2021. Rising ATPs are in part being driven by high demand for luxury vehicles, which now account for 17.3 percent market share. Luxury share in May 2021 was 15.9 percent, according to KBB, while pre-pandemic market share stood at 13.1 percent in May 2019.

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Sam loves to write and has a passion for auto racing, karting and performance driving of all types.

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Comments

  1. With the mountain of lifter/cam warranty claims these price increases are needed to keep GM out of the red.

    Reply
    1. My last AFM 5.3 went 160,000 on those lifters. I’d expect my new DFM 6.2 to do the same with no problems. I suggest you do proper vehicle maintenance.

      A ~1% failure rate from a bad batch from a supplier over a year ago now is getting a little over blown.

      Reply

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