The average transaction price (ATP) of a new Chevy vehicle dropped 5.2 percent to $47,954 per vehicle in November 2022 compared to $50,573 during the same month last year.
According to a report from Kelley Blue Book and Cox Automotive, the ATP for a new Chevy vehicle followed a similar trend month-over-month, falling 0.8 percent from an October 2022 ATP of $48,363 per vehicle.
This continued fall in Chevy ATP figures was a part of a larger year-over-year decline in transaction prices for parent company General Motors. Including all four GM brands offered in the U.S. – Chevy, Buick, Cadillac and GMC – the ATP for a new GM vehicle was $52,441 in November 2022. This represents a 1.9 percent decline as compared to November 2021 numbers but a rise month-over-month. GM’s ATP in November 2022 rose 0.1 percent from October 2022 figures, where the ATP stood at $52,378 per vehicle.
As a whole, the auto industry recorded a 4.4 percent year-over-year increase in ATP, up to $48,681 in November 2022 as compared to $46,661 in November 2021. Additionally, ATP was up 0.9 percent on a month-over-month basis, where vehicles were selling for an average of $48,259 in October 2022.
The report identifies various factors for higher ATP figures in November 2022, including luxury vehicles making up more than 18 percent of total sales plus an increase in the ATP of electric vehicles to over $65,000, an increase of $1,100 on a month-over-month basis. In addition, vehicle incentives are low, coming in at 2.2 percent of the ATP as compared to 4.1 percent the year before.
“The transaction data from November clearly indicates that prices are showing no signs of coming down as we head into the holiday season,” said research manager of economic and industry insights for Cox Automotive, Rebecca Rydzewski. “The mix of available vehicles still favors more expensive models and higher trim levels. In fact, average MSRP has increased more than average ATP year over year, indicating automakers are still building a richer mix of expensive models and fewer value vehicles.”
The average transaction price of a new vehicle remains well above sticker price, which has been the case since July 2021. In total, sales volumes industry-wide in November 2022 was up more than 11 percent when compared to November 2021, but have fallen since October 2022. Higher prices and rising loan rates are likely the culprits for this recent drop in sales.
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