Chevy Average Transaction Price Rises 1.3 Percent In March 2023
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New-vehicle transaction price figures for the month of March, 2023 are in, revealing that the average price paid for a new Chevy vehicle was up 1.3 percent last month compared to the same time period a year prior. The average transaction price (ATP) for a new Chevy vehicle was down 0.2 percent month-over-month compared to February 2023.
Per a recent report from Kelley Blue Book, new vehicle ATP was below sticker price last month for the first time in nearly two years.
According to the report, the ATP for a new Chevy vehicle sold last month was $47,152, an increase of 1.3 percent compared to an ATP of $46,532 for March of the 2022 calendar year. The March 2023 figure was up 0.2 percent compared to an ATP of $47,230 for February 2023.
With regard to the average for all four of GM’s U.S. brands, including Buick, Cadillac, Chevy, and GMC, new-vehicle ATP was recorded at $51,231 for March of the 2023 calendar year, an increase of 2.6 percent year-over-year compared to a figure of $49,910 for March of 2022. GM’s new-vehicle ATP for March of 2023 was static month-over-month as compared to an ATP of $51,212 recorded for February of the 2023 calendar year.
As for the broader automotive industry, new-vehicle ATP was recorded at $48,008 for March of 2023, a 3.8 percent increase compared to a new vehicle ATP of $46,244 for March of 2022. The industry ATP for March of 2023 was down 1.1 percent month-over-month compared to an ATP of $48,558 for February 2023.
According to Kelley Blue Book, March of 2023 marked the first time in 20 months in which the average new-vehicle ATP fell below MSRP. Additionally, automakers’ incentive spend was up to 3.3 percent of ATP last month, averaging $1,516, the highest level of incentive spend in 11 months. The ATP decline and increase in incentive spend is attributed to improving vehicle inventory.
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