The average transaction price (ATP) for a new Chevy vehicle fell 2.1 percent year-over-year last month as the industry ATP figure declined month-to-month for the first time in five months.
According to a recent report from Kelley Blue Book and Cox Automotive, the ATP for a new Chevy vehicle was recorded at $49,325 in September of 2022, a year-over-year decrease of 2.1 percent compared to an ATP of $50,405 recorded for September of 2021. The figure was also up 0.6 percent month-to-month compared to an ATP of $49,014 recorded for August of 2022.
As a whole, all four of GM’s U.S. brands (Buick, Cadillac, Chevy, and GMC) recorded an ATP of $52,511 in September of 2022, a 1.3-percent year-over-year decline compared to an ATP of $53,220 recorded in September of 2021. The figure for September of 2022 was up 0.8 percent month-to-month compared to an ATP of $52,084 recorded for August of 2022.
With regard to the broader auto industry, new-vehicle ATP was recorded at $48,094 for September of 2022, a 6.1 percent year-over-year increase compared to an ATP of $45,319 recorded for September of 2021. Industry ATP was down 0.3 percent month-to-month compared to an ATP of $48,240 recorded for August of 2022.
The report also highlights electric vehicle ATP, which was recorded at $65,291 last month, a decline of 1.8 percent, or $1,162, as compared to the ATP figure recorded for August of 2022. Additionally, the new EV ATP figure was up 9.7 percent year-over-year compared to the new EV ATP for September of 2021.
Incentives were down last month, decreasing to 2.1 percent of ATP, a record low.
“Interest rates and average monthly payments were up in September, which means affordability worsened,” said research manager of economic and industry insights for Cox Automotive, Rebecca Rydzewski. “With prices still well above MSRP and incentives from automakers still low, sales in September continued to struggle as consumers weighed their vehicle-buying options.”
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Comment
It maybe because gm has been pushing the 4t on the dealers.
Turbo means trouble to me and they can stick their junk 8 sp. up their a**.