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.”