The average transaction price for new units of the Chevy Colorado pickup truck grew 7 percent compared to the year-ago quarter in Q2 2023, Cox Automotive reports in its recently published automotive analysis for the months of April, May, and June.
The increase in Chevy Colorado ATP occurred against the backdrop of a 3 percent rise in Chevrolet brand prices overall during Q2, bringing Chevy ATP to an all-time second-quarter record high of $48,459. Meanwhile, GM’s aggregate ATP increased by 4 percent.
The $41,621 average Q2 transaction price for a new Chevy Colorado truck is not only an increase year-over-year from Q2 2022, but a quarter-over-quarter jump from Q1 2023 also. New Colorado trucks averaged $37,666 during this year’s first quarter, meaning the nameplate’s ATP grew even more strongly from Q1 than from last year, or about 10.5 percent.
While ATP is up, the volume of Chevy Colorado units sold is down sharply from 2022. During the three months in question, GM sold 19,909 units of the truck, in contrast to the 19 percent gain in sales volume for The General overall, bringing units sold to 689,095 and continuing the rebound towards the typical pre-pandemic 750,000 unit volume for Q2.
The three Chevrolet models with the largest percentage gains in unit volume do not include the Chevy Colorado. The top seller in terms of sales volume increase is the Chevy Trax, selling 115 percent more units in Q2 2023 than last year. The ever-popular Chevy Bolt saw its deliveries soar by 113 percent, with the trio rounded out by the 112 percent of the Chevy Trailblazer.
Chevy incentives only grew by high single-digit percentages, with a rise from last year’s $1,770 to $1,924 marking 9 percent growth. Before COVID-19 struck, the Bow Tie’s incentives dwarfed current levels, frequently rising to $4,000 to $5,000 during the period from 2018 to 2021.
Turning to GM’s other brands, GMC incentives fell by 18 percent compared to Q2 2022, Cadillac incentives rose 18 percent and Buick increased its incentives by a full 79 percent from $1,077 in 2022 to $1,923 in 2023. GM incentives went up by 14 percent year-over-year when viewing the automaker as a whole.
As a reminder, the 2023 Chevy Colorado offers two powerplants, including the turbocharged 2.7L I4 L2R gasoline motor providing 237 horsepower and 260 pound-feet of torque, and the turbocharged 2.7L I4 L3B gasoline engine, developing either 310 horsepower and 391 pound-feet of torque, or 310 horsepower and 430 pound-feet of torque, depending on the tune.
An updated version of GM’s eight-speed automatic transmission carries the engine power to the wheels on all trims and variants of the 2023 Chevy Colorado.