The average transaction price (ATP) of a new Chevy vehicle rose in June 2023, increasing 3.4 percent to $48,436 per vehicle as compared to $46,832 during June 2022.
Inversely, the ATP for a new Chevy vehicle decrease 0.4 percent on a month-over-month basis, falling from a May 2023 ATP of $47,910 per vehicle, according to a report from Kelley Blue Book.
This rise in Chevy ATP figures is reflected by a notable increase in year-over-year transaction prices for parent company General Motors. When including all four of GM’s U.S.-market brands in the calculations – which includes the likes of Chevy, Buick, Cadillac and GMC – the ATP for a new GM vehicle was $52,568 in June 2023. This represents a 4.5 percent increase when compared to June 2023 numbers, where GM ATP number stood at $50,327 per vehicle. On a month-over-month comparison, General Motors’ average transaction prices rose 0.4 percent to $52,351.
Overall, the auto industry recorded a 1.6 increase in ATP figures year-over-year from $48,035 in June 2022 to $48,808 in June 2023. Furthermore, ATP was up only 0.3 percent on a month-over-month basis, where vehicles were selling for an average of $48,658 in May 2023.
The report identifies several factors for this change in June 2023 ATP figures, including:
- Flat ATPs for non-luxury vehicles
- Average ATP for luxury vehicles down two percent year-over-year
- New EV prices down 20 percent year-over-year
- Incentives reach one-year high
“The fact that average transaction prices are up a meager 1.6 percent year-over-year in June is notable,” Cox Automotive Executive Analyst Michelle Krebs stated in a prepared statement. “A year ago, the industry was looking at transaction prices that were consistently up 10 percent to 12 percent year over year. With no inventory in place, it was inflation gone wild. Now, as inventory has been consistently building and supply and demand are finding a balance, the price gains seem to be well under control. In fact, average transaction prices are down from the start of the year. That’s good news for shoppers.”
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