The average transaction price (ATP) for a new Chevy vehicle fell 5.9 percent year-over-year last month, settling at $48,395 as compared to an ATP of $51,416 recorded for October of the 2021 calendar year, per a new report.
According to figures from Kelley Blue Book and Cox Automotive, the ATP for a new Chevy vehicle also fell month-over-month in October, declining 1.8 percent from an ATP figure of $49,282 recorded in September of the 2022 calendar year.
Chevy’s declining ATP figures contributed to a decline in ATP for all four of GM’s U.S. brands combined, including Buick, Cadillac, Chevy, and GMC. Per the recent report, the ATP for a new GM vehicle was recorded at $52,416 last month, a decline of 3.7 percent year-over-year from $54,454 recorded in October of 2021, and a decline of 0.1 percent month-over-month from $52,473 recorded in September of 2022.
More broadly speaking, the auto industry as a whole recorded a 3.8-percent year-over-year increase in ATP, up to $48,281 in October of 2022 from $46,506 in October of 2021. Auto industry ATP was up 0.2 percent month-over-month from a figure of $48,206 recorded in September of 2022.
The report identifies several factors as influencing elevated ATP figures for October, including high luxury vehicle sales figures, with luxury vehicles making up nearly 18 percent of total sales last month. Auto incentives also remained at historically low levels, recorded at 2.1 percent of ATP in October of 2022, as compared to 4.3 percent of ATP a year ago.
“The sales and transaction data from October clearly indicates that there are plenty of flush-with-cash buyers with strong credit still in the market and paying top dollar for new vehicles,” said research manager of economic and industry insights for Cox Automotive, Rebecca Rydzewski. “Automakers and dealers continue to hold back on incentives as well. In all, inventory is improving, but prices remain stubbornly high.”
October marked the 17th consecutive month that new-vehicle ATP was higher than MSRP. The broader industry ATP figure of $48,281 for October of 2022 was only slightly lower than the all-time industry ATP high of $48,301 recorded in August of 2022.