The average transaction price (ATP) for a new Chevy vehicle was up last month compared to new Chevy vehicle ATP figures for the month of April 2022. In addition, new Chevy vehicle ATP figures were up month-to-month compared to figures for the month of March 2023.
The latest ATP figures were reported by Cox Automotive and Kelley Blue Book.
According to the latest numbers, the ATP for a new Chevy vehicle was recorded at $47,722 for the month of April 2023, an increase of 3.4 percent year-over-year compared to an ATP figure of $46,165 recorded for the month of April 2022. The ATP figure for April 2023 was up 0.8 percent month-to-month compared to an ATP figure of $47,331 recorded for the month of March 2023.
With regard to all four of GM’s U.S. brands, which include Buick, Cadillac, Chevy, and GMC, The General’s new vehicle ATP for the month of April 2023 was recorded at $51,973. The figure was up 4.5 percent year-over-year compared to an ATP of $49,743 recorded for the month of April 2022, and up 1.1 percent month-to-month compared to an ATP of $51,396 recorded for the month of March 2023.
Meanwhile, the broader automotive industry recorded an ATP of $48,275 for the month of April 2023, which was an increase of 3.7 percent year-over-year compared to a figure of $46,531 recorded for the month of April 2022. The industry-wide ATP figure for April 2023 was flat month-to-month compared to a figure of $48,289 recorded for March 2023.
According to Kelley Blue Book and Cox Automotive, the average price paid for a new vehicle last month was below MSRP for the second month in a row. Prior to this latest downward trend, ATP was above MSRP for 20 months straight. Sales volume was down month-to-month by 1.5 percent, and up 9 percent year-over-year. Auto manufacturer’s incentive spend increased last month to its highest level in the last year, reaching 3.6 percent of ATP, averaging at $1,714.
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Comments
Another reason I now drive a Tesla…
They are far less expensive than GM products…
And you can actually buy one. SMH @ GM’s new business model.
There’s some incredible thievery going on here! I just had a 2023 Chevy Equinox as a car rental the other day, and was shocked to see it shared some of the same interior pieces as my 2015 Caddy CTS!! GM is charging outlandish sums for new cars borrowing from a nearly 10 year old parts bin! Shameful!
Not sure I can understand the buyer’s mindset here… on one hand I hear half the public poor-mouthing and blaming the current administration for inflation and all the misery that comes with it, but those same people are piling into new car dealerships, crazed and foaming at the mouth begging to pay any insane price for a new car or truck. And, being willing to go into debt at 7% for seven years to get hold of one. I personally don’t get it and have no interest in a new car at the current prices.