With strong sales of pricy models like the Chevy Silverado, Corvette and Tahoe, it’s no surprise that Chevy’s average transaction prices remain elevated from last year. GM’s mass-market brand posted an average transaction price of $47,945, up 3.7 percent from $46,215 in Q2 2021.
According to Cox Automotive and Kelley Blue Book, in addition to the rise in year-over-year ATPs, Chevy also saw its ATPs rise 2.7 percent between June and July. As we reported previously, average incentive spending per vehicle at Chevy fell 59.7 percent from $4,212 in Q1 of 2021 to $1,696 in Q2 of this year, which is a good sign of strong demand.
Sales of the Chevy Bolt EUV rose 980 percent in Q2 to 4,384 units following the battery fire recall and stop sale, while Chevy Camaro sales rose 63 percent to 4,545 units and Chevy Equinox sales rose nine percent to 60,642 units. Other Chevy vehicles that posted sales gains included the Chevy Malibu, which saw sales rise from 4,899 units to 32,487 units, and the Corvette, which saw sales rise eight percent to 8,630 units. While sales of the Chevy Silverado fell 13 percent to 143,032 units, and sales of the Suburban and Tahoe were also down by double-digit percentage points, these models had high average transaction prices in Q2, further solidifying their status as Chevy’s central profit generators.
Rebecca Rydzewski, research manager of economic and industry insights for Cox Automotive, says customers can potentially side-step rising vehicle ATPs by avoiding in-demand large vehicles like the Silverado and Tahoe and opting for something smaller.
“New-vehicle inventory levels are better than a year ago, but remain historically low, and that’s keeping new-vehicle prices elevated,” she said. “Still, even though average prices are at a record level, there are affordable vehicles out there. Compact cars and SUVs and subcompact models typically transact for 30 to 40 percent below the industry average.”