The average transaction price (ATP) of the Chevy Silverado rose by 14 percent in Q3 2022 amid continued demand for the light-duty pickup truck.
According a Cox Automotive report (PDF), the average transaction price for a Chevy Silverado in the three months from July until the end of September stood at $60,445, a 14.1 percent increase year-over-year. In fact, the Silverado had the largest increase in average transaction price of all Chevy models. Interestingly, sales of the Silverado were down during this time period, falling almost five percent to 114,963 units.
The Silverado’s corporate platform-mate, the GMC Sierra, also saw a rise in average transaction price of 12.5 percent to $69,878.
The recent introduction of the 2022 Chevy Silverado ZR2 likely helped contribute to this increase in average transaction price. In addition, as a whole, production has been leaning towards the more costly trims levels rather than base trims.
This rise in Silverado average transaction prices correlates with an overall rise in Chevy sales, which saw an almost 30 percent increase from 287,925 units in Q3 2021 to 372,873 units in Q3 2022.
Sales Results - Q3 2022 - USA - Chevrolet
| MODEL | Q3 2022 / Q3 2021 | Q3 2022 | Q3 2021 | YTD 2022 / YTD 2021 | YTD 2022 | YTD 2021 |
|---|---|---|---|---|---|---|
| BLAZER | +67.03% | 17,511 | 10,484 | +0.55% | 50,615 | 50,339 |
| BOLT EUV | +377.53% | 11,179 | 2,341 | +476.96% | 15,849 | 2,747 |
| BOLT EV | +62.37% | 3,530 | 2,174 | -72.06% | 6,163 | 22,056 |
| CAMARO | +52.26% | 7,922 | 5,203 | +27.13% | 19,177 | 15,084 |
| COLORADO | +92.23% | 24,405 | 12,696 | +33.05% | 68,595 | 51,555 |
| CORVETTE | -21.91% | 7,939 | 10,166 | +2.55% | 25,380 | 24,748 |
| EQUINOX | +43.77% | 46,646 | 32,444 | +8.08% | 163,324 | 151,110 |
| EXPRESS | +109.23% | 14,981 | 7,160 | -0.17% | 36,528 | 36,589 |
| LOW CAB FORWARD | -17.97% | 1,369 | 1,669 | +2.20% | 4,232 | 4,141 |
| MALIBU | +7,940.59% | 21,630 | 269 | +148.17% | 79,799 | 32,155 |
| SILVERADO | -4.77% | 117,198 | 123,067 | -7.98% | 381,337 | 414,389 |
| SPARK | +67.77% | 6,288 | 3,748 | -54.68% | 10,426 | 23,007 |
| SUBURBAN | +40.53% | 13,585 | 9,667 | +2.12% | 34,906 | 34,183 |
| TAHOE | +22.24% | 29,585 | 24,202 | -0.69% | 74,633 | 75,148 |
| TRAILBLAZER | -31.89% | 17,388 | 25,531 | -43.26% | 41,932 | 73,898 |
| TRAVERSE | +135.79% | 25,388 | 10,767 | -26.01% | 69,694 | 94,198 |
| TRAX | +1.12% | 6,329 | 6,259 | -47.02% | 21,882 | 41,306 |
| CHEVROLET TOTAL | +29.50% | 372,873 | 287,925 | -3.88% | 1,104,488 | 1,149,030 |
Despite the rise in sales, Chevy incentive spending is down over 48 percent in Q3 2022 on a year-to-year basis. This represents an average incentive of $1,416 per vehicle, which was down from $2,726 per vehicle in Q3 2021. The average incentive spending across all four of GM brands in the third quarter of this year stood at $1,353 per vehicle.
The average transaction price of almost every single GM product was up on a year-to-year basis. The only vehicle that saw a decrease was the Chevy Bolt EV, which fell almost six percent to $35,042.
Overall, total GM Q3 2022 sales in the United States – which include Chevrolet, Buick, GMC and Cadillac – increased almost 25 percent to 555,580 units. That’s still far behind GM Q3 2020 sales of 665,192 units. The semiconductor chip shortage had yet to fully take hold in Q3 2020, which is the main reason behind the large year-over-year decrease in sales volume between Q3 2020 and Q3 2021.
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Comments
All the more reason in a year when this recession is in full swing, to go snag a lightly used repo-truck. So many people have over extended themselves with these over priced trucks. Just wait, I won’t have to tell you I told you so!!! It’s coming.
Just found out my new 2022 Chevy Silverado LT doesn’t have the seat warmers or steering warmer installed . I guess my fault for expecting them to be in a $46,000 truck. Told they would be installed at a later date, we’ll see. But I think this will be the first and last Chevy product that I purchase.
Haha, so much wrong with this. First, the fact you willingly purchased a vehicle during this time is beyond anyone unless you absolutely needed one and yours was wrecked, even then I would go older for a few years until the market changed. What were you to expect? chips aren’t available, things are missing all across the industry. As I responded to your same regurgitated response, this isn’t just a GM thing. Mercedes was hit hard (especially the AMG models) and losing certain LED lights, premium audio options and hands free gate access. Ford lost Navigation, BMW lost touch screen function. Some people in here want to believe it is just GM, no, it is the entire industry. Go check out other forums and the wait times they are experiencing or options they can’t order or get…
The fact you think price has anything to do with this is laughable. If that is the case, you didn’t spend enough, if you would have spent 50k it would have had all those features already installed… It is comedic when people think price determines entitlement.
The fact you think this is why you will never buy another GM vehicle is even more hilarious. So something out of their control and you decide this is a one and done breaking point? Please, do to another brand and see how the grass isn’t at all greener. Atleast you will get your vehicle, others either refuse to build or let it sit for months on end waiting. You get to drive around in your new truck for a few months with out a luxury feature (boo hoo), would you rather wait 4 months and have it sit in a field? What would you do with your infinite knowledge of the current situation?
I personally determine if a brand or vehicle is the last by how well it treats me while I own it. Is it low maintenance and doesn’t leave me stranded. Does it do everything I ask well past 100k miles? That is a determining factor which is why I have been with GM for so long, we have yet to have one let us down in any big way. But if you want to use a chip shortage as your excuse that everyone is impacted with and can’t get away from, then by all means play that tiny violin and read your pity me card.
Yeah, just take a seat and zip it. You sound more and more like a troll post which around in droves around here it seems lately.
They gave you $50 for the inconvenience and you come on here and badmouth gm?
Color me intrigued, I thought sedans were dead. Or that’s what US automakers wanted to tell me. Especially the ‘bu being so decontented and essentially unchanged since 2016, yes, almost 7 years ago. It only outsells the Blazer, Trax, and Trailblazer makes, even though its severely outclassed in its own segment. There’s no denying the alleged practicality of a CUV, you know once every 5 years you buy a new TV it’ll fit, versus in the Malibu you’re out of luck. I keep seeing younger people buying more hatchbacks and low-slung sedans, I hope GM is paying attention.
old time GM CHAIRMAN CHARLIE WILSON once said “what’s good for General Motors is good for America” still true today for the company that is largely credited for America”s WW2 victory, and likely will be in the forefront of the looming WW3