New Chevy Silverado trucks cost buyers somewhat more in the second quarter (Q2) of 2023 than in Q2 2022, with average transaction price (ATP) rising 4 percent year-over-year.
The Q2 report from Cox Automotive also indicates Chevy Silverado Q2 ATP of $59,588 grew 3.3 percent from its $57,676 Q1 ATP. Chevy brand ATP rose 3 percent year-over-year for Q2, its strongest second-quarter growth on record, while ATP for GM overall rose 9 percent.
Chevy Silverado sales fell by 4 percent in terms of units sold compared to last year, declining to 140,076 trucks for the second quarter of 2023. However, its volume was still almost triple the number of Chevy Equinox units sold, the second largest seller in the Bow Tie’s lineup in terms of absolute numbers.
With its declining volume, the Chevy Silverado was not among the three Chevrolet models with the largest sales volume growth during Q2. The Chevy Trax was the quarter’s champion with units sold skyrocketing 115 percent year-over-year. The Chevy Bolt came in a close second at 113 percent growth, while the volume of Chevy Trailblazer deliveries surged upward 112 percent.
GM as a whole saw 19 percent growth in vehicle sales volume during Q2 2023, with a total of 689,095 units sold. The number of unit deliveries for The General continues to climb closer to the roughly 750,000 vehicles the automaker sold in Q2 for several years leading up to the COVID-19 pandemic.
Chevy incentives grew a relatively modest 9 percent year-over-year, increasing from $1,770 a year ago to $1,924 in 2023. The study highlights how low Chevrolet’s incentives are currently, noting that Bow Tie incentives reached the $4,000 to $5,000 range in the period between 2018 and 2021.
Meanwhile, GMC incentives fell by 18 percent compared to Q2 2022, while Cadillac incentives rose 18 percent and Buick boosted its incentives most of all with a 79 percent from $1,077 in 2022 to $1,923 in 2023. Averaged across its four constituent brands, GM incentives went up by 14 percent year-over-year.
As a reminder, the popular 2023 Silverado 1500 is available with four engine choices. These powerplant options include the turbocharged 2.7L I4 L3B gasoline engine, rated at 310 horsepower and 430 pound-feet of torque, the atmospheric 5.3L V8 L84 gasoline engine developing 355 horsepower and 383 pound-feet of torque, the atmospheric 6.2L V8 L87 gasoline engine providing output of 420 horsepower and 460 pound-feet of torque, and the 3.0L I6 LZ0 turbodiesel Duramax, rated at 305 horsepower and 495 pound-feet of torque.
The L3B is paired with the GM eight-speed automatic transmission, while the L84, the L87 and the LZ0 use the GM 10-speed automatic for cog swaps.
Under the body panels, the Chevy Silverado 1500 is supported by the GM T1 platform. Production takes place at the GM Fort Wayne plant in Indiana, the GM Silao plant in Mexico, and the GM Oshawa plant in Canada.