The average transaction price or ATP for a new Chevy Suburban that sold during the second quarter (Q2) of 2023 is 8 percent higher than the SUV’s ATP a year ago in Q2 2022.
Chevy Suburban Q2 ATP of $76,421 was also up by almost 1.8 percent from the vehicle’s Q1 average price of $75,109, Cox Automotive reported, while year-over-year ATP for the Chevrolet brand grew three percent and GM ATP overall increased by 4 percent.
Chevy Suburban sales volume rebounded strongly from much lower numbers a year ago, with quarterly sales growing 87 percent year-over-year compared to Q2 2022, to 16,661 vehicles. GM sales volume as a whole increased significantly, rising 19 percent year-over-year as it grew from 578,507 vehicles in Q2 2022 to 689,095 units in Q2 2023.
Overall unit volume for The General is still somewhat lower than typical Q2 unit sales prior to COVID-19, with second-quarter sales often reaching or slightly surpassing 750,000 vehicles in recent years.
The Chevy Suburban did not place among the top three Chevy vehicles for sales volume growth despite its solid performance. The Chevy Trax saw its unit volume increase 115 percent compared to last year, putting it first. The Chevy Bolt was in second place with 113 percent year-over-year growth, while the Chevy Trailblazer registered a 112 percent rise.
Chevy incentive spending for Q2 2023 was $1,924, a 9 percent rise relative to last year’s second quarter incentives of $1,770. Buick was the GM brand with the biggest incentive spending increase, reaching 79 percent with incentives soaring from $1,077 in 2022 to $1,923 in 2023.
Cadillac incentives climbed by 18 percent, while GMC incentives were the only brand incentives to decline in Q2, sliding by 18 percent. Overall, GM incentives averaged across its four brands increased 14 percent year over year, climbing from $1,754 to $2,006.
As a reminder, the current 2023 Chevy Suburban is motivated by three powerplant options. These include the naturally aspirated 5.3L V8 L84 gasoline engine providing 355 horsepower and 383 pound-feet of torque, the naturally aspirated 6.2L V8 L87 gasoline engine developing 420 horsepower and 460 pound-feet of torque, and the 3.0L I6 LM2 turbodiesel Duramax engine churning out 277 horsepower and 460 pound-feet of torque.
The GM 10-speed automatic transmission sends power to the wheels regardless of which engine option is under the hood. Available drivetrain configurations buyers can choose from include rear-wheel drive (RWD) and four-wheel drive (4WD).