While Chevy prices declined somewhat compared to last September, ATP for GM itself – aggregated out of Chevy, Buick, Cadillac, and GMC – grew by 1 percent. The average new GM vehicle cost $52,736, up from a slightly lower $52,226 a year ago. ATP is up 1.2 percent relative to the previous month’s $52,137.
Providing the backdrop for these changes, the U.S. automotive market as a whole saw ATPs decline marginally year-over-year by 0.7 percent versus September 2022, while rising incentives have made American auto industry prices drop 3.4 percent since January 2023.
GM is reducing its incentives in response to the ongoing UAW strike, as the union’s work halt could start slumping dealer inventory. The General offered 4.7 percent incentives overall in August, which has dropped to 4 percent in September. Meanwhile, cross-town rivals Ford and Stellantis – the other members of the “Big Three” – are raising their incentives as their inventory levels remain much stronger than those of GM.
Overall, full-size pickups such as the Bow Tie’s bread-and-butter Chevy Silverado continued to see average transaction prices rise by 5.5 percent in September. Non-luxury vehicles, the sector where Chevy operates, saw very modest 1 percent ATP gains for the month, contrasting to Chevrolet’s declining ATP.
Meanwhile, luxury vehicles remained strong, but still saw their ATP drop by 7 percent overall, while Tesla prices plunged by a whopping 24.7 percent year over year. Average new EV prices fell while sales numbers increased, signaling an important trend in the U.S. electric vehicle market.
Cox industry insight director Stephanie Valdez-Streaty summed up the significance of the EV data by saying “at last check, we had 15 new EV models for sale that were not available a year earlier. Better choices and more options are helping push prices lower and drive higher sales.”