New Chevy vehicle average transaction prices (ATPs) declined in August 2023, falling 0.8 percent to $48,573 per vehicle as compared to $48,976 during August 2022.
On a month-over-month basis, the ATP for a new Chevy vehicle increased 2.5 percent from $47,397 in July 2023, according to a report from Cox Automotive and Kelley Blue Book.
This drop in Chevy ATP figures is contrasted by a year-over-year rise in transaction prices for parent company General Motors. When including all four of GM’s U.S.-market brands in the calculations – which includes Chevy, Buick, Cadillac and GMC – the ATP for a new GM vehicle was $52,295 in August 2023. This represents a 0.6 percent increase when compared to August 2022 figures, where GM’s ATP number stood at $51,976 per vehicle. On a month-over-month comparison, General Motors’ average transaction prices rose 1.4 percent from $51,585.
Overall, the automotive industry recorded a 0.1 percent increase in ATP figures year-over-year from $48,409 in August 2022 to $48,451 in August 2023. Reflecting this, ATP also increased 0.6 percent on a month-over-month basis, where vehicles were selling for an average of $48,165 in July 2023.
The report identifies two factors for this change in August 2023 ATP figures, including:
- Non-luxury vehicle prices increase less than one percent year-over-year
- Average luxury prices down year-over-year; largest drop in a decade
- EV prices continue to decline
“After a tumultuous last few years in the automotive marketplace, now we are seeing new-vehicle pricing trends hold steady,” Cox Automotive Research Manager Rebecca Rydzewski claimed in a prepared statement. “Dealers and automakers are feeling price pressure, and with high auto loan rates and growing inventory levels, new-vehicle prices seem to have hit a ceiling, at least for now. The very real potential for a UAW strike may impact some product lines, but with the current inventory levels in place, we don’t expect a short-lived strike to impact consumer prices in any meaningful way, at least in the near term.”
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Comments
A whopping $403 YOY, WOW – makes them almost seem free if not for interest rates almost doubling over that same 1 year period?
Don’t kid yourself people; prices went up….. A LOT, at least on “like-4-like” vehicles, the massive increase in $25,000 Chevy Trax sales alone should have made ATP drop several thousand.
Let the tumble continue!
Meanwhile, dealers are putting as much as $4K markups over MSRP on 2024 Chevy Trax; kind of eliminates the “affordability” factor of that model. Most of my local GM dealers are still selling vehicles at MSRP or MSRP+ with very limited inventory. Then you have dealers “penalizing” cash buyers and charging them more because the dealer will not earn anything on the loan. Essentially forcing buyers in to loans that they may not want or need, just for the dealer to earn a little something extra on a deal already being done at MSRP.
I recently shopped a crossover from another manufacturer, and told them I wanted to put 60% down and finance the remaining $18K. They literally said no; the down payment was too much. It’s my money and my choice. I passed their credit check easily at Tier 1. Yet they were refusing to do the deal with a 60% down payment. They wanted 20% down and for me to finance $36K. Needless to say, that turned me off and was a deal breaker. It’s a strange market we are dealing with currently, where the dealers are trying to tell customers how much they will pay, how much they will put down, how much they will finance, and how they will pay for it. There is no mutual negotiation anymore. It’s become a one-sided arrangement where you are at the mercy of the dealer and they dictate virtually everything.
For now I am soldiering on with my 9 year old vehicle until inventory gets better and dealers stop with their arrogant tactics, These guys are setting themselves up for a huge fall.