New Chevy vehicle average transaction prices (ATPs) remained stable in December 2022, rising only 0.5 percent to $49,602 per vehicle as compared to $49,339 during December 2021.
This stable Chevy ATP figure is reflected by relatively stable year-over-year transaction prices for parent company General Motors. When including all four of GM’s U.S.-market brands in the calculations – Chevy, Buick, Cadillac and GMC – the ATP for a new GM vehicle was $53,680 in December 2022. This represents just a 0.1 percent drop when compared to December 2021 numbers, but a 2.5 percent increase month-over-month from the $52,380 per vehicle in November 2022.
As a whole, the auto industry recorded a five-percent increase in ATP figures year-over-year to $49,507 in December 2022. Additionally, ATP was up almost two percent on a month-over-month basis, where vehicles were selling for an average of $48,580 in November 2022.
The report identifies multiple factors for higher ATP figures in December 2022, including luxury vehicles making up almost 19 percent of total sales, plus an increase in the transaction prices of non-luxury vehicles to $45,578, rising by $994 on a month-over-month basis. In addition, vehicle incentives remain low, coming in at 2.7 percent of the ATP as compared to almost four percent the year before. That said, incentives are slowly increasing.
“The transaction data from December clearly indicates overall prices showed no signs of coming down as we headed into year-end,” said research manager of economic and industry insights for Cox Automotive, Rebecca Rydzewski. “Luxury prices fell slightly in December, but non-luxury transaction prices were up. Truck sales were particularly strong last month, and with many trucks selling for more than $60,000, a new record was all but inevitable.”
The average transaction price of a new vehicle remains well above sticker price, which has been the case for quite some time now. In total, industry sales volumes in December 2022 was up more than five percent when compared to December 2021, but down when compared to November 2022. Higher prices, rising loan rates and improved supply of vehicles are likely the culprits for this recent drop in sales.