The average transaction price for a new Chevy vehicle in May 2023 rose 2.1 percent year-over-year compared to the ATP for May 2022. Month-over-month, ATP increased slightly by 0.5 percent relative to April 2023.
The latest ATP figures were provided by Cox Automotive and Kelley Blue Book as part of their new-vehicle sales analysis for the month of May, released on June 12th.
According to the report, the ATP for a new Chevy vehicle sold last month was $48,067, up 2.1 percent from the ATP of $47,094 registered in May of the 2022 calendar year. The May 2023 figure was up 0.5 percent relative to an ATP of $47,813 for April 2023.
New Chevy average transaction prices have been on a modest upswing for several months. Prices rose 3.4 percent year-over-year and 0.8 percent month-over-month in April 2023. Chevy ATP in March registered a 1.3 percent rise over 2022, while February prices were largely stable.
Among GM’s other brands, Cadillac and GMC saw ATP rise compared to last year, with respective gains of 1.2 percent and 7.4 percent. Buick prices fell 2.5 percent to $37,535. The average transaction price of $51,958 for The General as a whole increased 2.9 percent compared to May 2022, but declined marginally by 0.2 percent relative to April 2023.
Turning to the big picture, the ATP for Chevy and GM followed a general trend of rising average prices across the automotive sector. New vehicle ATP was up 3 percent from May 2022’s average prices, while month-over-month gains amounted to a nearly-stable, but still upwardly-trending 0.5 percent.
While average new vehicle prices climbed, most buyers are still paying below MSRP, according to Cox and KBB. According to Cox Automotive research manager Rebecca Rydzewski, “modest new-vehicle price increase in May was offset by increased incentives, so many buyers were able to find deals below sticker.”
Chevy prices likely received a boost from a trend that saw non-luxury vehicle ATP rise 3.7 percent year-over-year during the month. Meanwhile, luxury vehicles saw falling prices, stable ATP, or modest gains depending on the vehicle type.
Inventory is beginning to increase as supply of new vehicles continues to rise. Luxury vehicle inventories are gaining the most, but non-luxury brands like Chevy have also seen increased numbers of vehicles available on dealer lots.
In response, dealerships are continuing to increase incentives, helping to keep ATP below MSRP, according to KBB. May 2023 incentives averaged 3.9 percent of new vehicle average transaction price, the highest level in the past 12 months.
However, they remain far below pre-pandemic incentive levels, which peaked at 9.9 percent of ATP in May 2019. Only luxury vehicle incentives are again approaching that figure at 7.7 percent.