Chevy incentive spending rose exactly seven percent in Q1 2023 on a year-over-year basis, a marked improvement over Q1 2022 figures.
According a Cox Automotive report, the average incentive offered on a Chevy vehicle sold in the U.S. in Q1 2023 stood at $1,846 per vehicle, which was up from $1,725 per vehicle in Q1 2022. The average incentive spending across all four of GM brands in the fourth quarter of this year fell three percent to $1,908 per vehicle.
Trending along with incentives spending, Chevy sales also increased more than 15 percent from 344,033 units in Q1 2022 to 394,141 units in Q1 2023.
Sales Results - Q1 2023 - USA - Chevrolet
|MODEL||Q1 2023 / Q1 2022||Q1 2023||Q1 2022|
|LOW CAB FORWARD||-27.60%||1,023||1,413|
Sales of the Chevy Bolt EV launched into outer space, posting a roughly 27,000 percent increase to 21,630 units sold in Q1 2023. The next best-seller was the Chevy Trailblazer, which saw a still-impressive 224 percent increase to 27,951 units in Q1 2023. In fact, a majority of Chevy products saw an increase in sales, while the now-defunct Chevy Spark saw the largest drop of 46 percent to 150 units sold in Q1 2023.
Overall, total GM Q1 2023 sales in the United States – which include Chevy, Buick, GMC and Cadillac – increased more than 17 percent to 599,187 units. That’s a noticeable improvement over GM Q3 2020 sales of 509,108 units.
The average incentive spending for GMC stood at $1,793 per vehicle in Q3 2022, down more than 17 percent from the same time period last year. It was a similar scenario over at Cadillac, with incentive spending averaging $2,800 per vehicle, and down more than 27 percent from Q1 2022 figures. Meanwhile, Buick incentive spending rose more than three percent to $2,096.
While incentive spending did decrease as compared to the same timeframe last year, due to slowing demand and increased supply, overall GM incentives were still up from Q4 2022. It’s likely that this trend will continue moving forward.