The average transaction price (ATP) of the Chevy Suburban climbed more than six percent over the course of Q1 2023, while overall Chevy ATP figures stayed flat.
According a Cox Automotive report, the average transaction price for a Chevy Suburban in the three months from January 2023 until the end of March 2023 stood at $75,109, a 6.3 percent increase year-over-year. This represents a nice jump over Q4 2022 figures, where the ATP of a Suburban stood at $72,969. Meanwhile, sales of the Chevy Suburban rose just over 12 percent to 13,932 units sold in Q1 2023.
This rise in Suburban average transaction prices trends with Chevy sales, which 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 |
---|---|---|---|
BLAZER | -18.85% | 15,263 | 18,808 |
BOLT EUV | +4,378.47% | 12,808 | 286 |
BOLT EV | +9,472.21% | 6,892 | 72 |
CAMARO | +15.95% | 7,780 | 6,710 |
COLORADO | -38.89% | 13,256 | 21,693 |
CORVETTE | -10.29% | 7,904 | 8,811 |
EQUINOX | -5.59% | 52,902 | 56,036 |
EXPRESS | -2.99% | 8,595 | 8,860 |
LOW CAB FORWARD | -27.60% | 1,023 | 1,413 |
MALIBU | +45.78% | 37,438 | 25,682 |
SILVERADO | +4.86% | 126,992 | 121,107 |
SPARK | -46.05% | 150 | 278 |
SUBURBAN | +12.14% | 13,932 | 12,424 |
TAHOE | +13.67% | 27,257 | 23,979 |
TRAILBLAZER | +224.78% | 27,951 | 8,606 |
TRAVERSE | +34.39% | 31,533 | 23,464 |
TRAX | +11.45% | 6,465 | 5,801 |
CHEVROLET TOTAL | +15.73% | 398,141 | 344,033 |
The most notable jump in sales was the Chevy Bolt EV, which posted a mind-boggling 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 Suburban actually saw one of the smallest increases in sales at 12 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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Comments
We love our Suburban but, unfortunately, they are getting more and more unaffordable for folks (just like most everything else).
Agree – many people that would have bought a tahoe or suburban are witching to a cheaper substitute. I for instance bought a Volkswagon Atlas because it is almost as big as a tahoe inside but costs 40% less. Its also AWD and technology/self driving capabilities are better.
Ordered a new ’94 Suburban in the summer of ’93 with every option available at that time but (3). I didn’t want leather, two-tone paint, or roof rails (wouldn’t fit in the garage at the time). It windowed for $31,057. Had it for nearly 20-years before I bought a new crew cab Silverado. Would love to have another Suburban, but simply can’t justify spending nearly 3x the cost of my previous one.
I frankly can not see how people are affording these SUV’s?? They have to for one, be financing them for 72 or 84 months. Monthly payments are north of $1000/month. Then you have a $100+ bill to fill them up each time! They aren’t exactly the most fuel efficient vehicles either.
I for one would love to have one, but I am very conservative and see the darkness looming in the distance. This insanity of ballooned prices can not sustain. The average American family can’t keep up with these payments/prices on vehicles. Along with rising gas prices as well.