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Chevy Silverado Average Transaction Price Up 6 Percent In Q1 2023

The Chevy Silverado saw its average transaction price (ATP) figure rise exactly six percent over the course of Q1 2023, while overall Chevy ATP figures stayed quite even.

According a Cox Automotive report, the average transaction price for a Chevy Silverado in the three months from January 2023 until the end of March 2023 stood at $57,676, a six percent increase year-over-year. This is actually a drop when compared to Q4 2022 figures, where the ATP of a Silverado stood at $59,000. Meanwhile, sales of the Bow Tie brand’s truck rose just over four percent to 123,994 units sold in Q1 2023.

2023 Chevy Silverado LT Trailboss.

Tending alongside Silverado sales, Chevy sales also rose, increasing more than 15 percent from 344,033 units in Q1 2022 to 394,141 units in Q1 2023.

Sales Results - Q1 2023 - USA - Chevrolet

MODELQ1 2023 / Q1 2022Q1 2023Q1 2022
BLAZER-18.85% 15,26318,808
BOLT EUV+4,378.47% 12,808286
BOLT EV+9,472.21% 6,89272
CAMARO+15.95% 7,7806,710
COLORADO-38.89% 13,25621,693
CORVETTE-10.29% 7,9048,811
EQUINOX-5.59% 52,90256,036
EXPRESS-2.99% 8,5958,860
LOW CAB FORWARD-27.60% 1,0231,413
MALIBU+45.78% 37,43825,682
SILVERADO+4.86% 126,992121,107
SPARK-46.05% 150278
SUBURBAN+12.14% 13,93212,424
TAHOE+13.67% 27,25723,979
TRAILBLAZER+224.78% 27,9518,606
TRAVERSE+34.39% 31,53323,464
TRAX+11.45% 6,4655,801
CHEVROLET TOTAL+15.73% 398,141344,033

The most notable jump in sales was the Chevy Bolt EV, which posted an enormous 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, the Silverado actually saw the smallest increases in sales at 4.4 percent, while the 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 Q1 2022 sales of 509,108 units.

Chevy incentive spending also posted positive growth, rising exactly seven percent in Q1 2023 on a year-to-year basis. This represents an average incentive of $1,846 per vehicle, which was up from $1,725 per vehicle in Q1 2022. Meanwhile, 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. Buick incentive spending rose more than three percent to $2,096.

The average incentive spending across all four of GM brands in the first quarter of this year stood at $1,908 per vehicle.

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As a typical Florida Man, Trey is a certified GM nutjob who's obsessed with anything and everything Corvette-related.

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  1. That’s interesting, my son’s new company truck is a 2023 Z71 Trail Boss purchased two weeks ago for $5k under MSRP in northern Illinois.

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