New Chevy vehicle average transaction prices (ATPs) rose in October 2023, increasing 1.5 percent to $49,057 per vehicle as compared to $48,346 during October 2022.
According to a report from Cox Automotive and Kelley Blue Book, on a month-over-month basis, the ATP for a new Chevy vehicle jumped 2.1 percent from $48,042 in September 2023.
It’s worth noting that the average incentive package has stagnated over the past three months. However, incentive packages remain significantly higher than 2022 levels, yet low as compared to historical standards.
This rise in Chevy ATP figures is reflected by a year-over-year jump 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 $53,763 in October 2023. This represents a 2.8 percent increase when compared to October 2022 figures, where GM’s ATP number stood at $52,274 per vehicle. On a month-over-month comparison, General Motors’ average transaction prices rose 2.4 percent from $52,513 in September 2023.
Overall, the automotive industry recorded a 1.4 percent decrease in ATP figures year-over-year from $48,606 in October 2022 to $47,936 in October 2023. In contrast to this, ATP increased 0.3 percent on a month-over-month basis, where vehicles were selling for an average of $47,797 in September 2023.
The report identifies two factors for this change in October 2023 ATP figures, including:
- Non-luxury vehicle prices hold steady in October 2023
- Luxury prices climb; lead by Tesla
- Average price paid for an EV climbs in October 2023, but remains below 2022 levels
“New-vehicle prices in October were mostly unchanged from September,” Cox Automotive Research Manager Rebecca Rydzewski claimed in a prepared statement. “The only big mover last month was Tesla, which continues to shift pricing at a surprising pace. In fact, the price shifts at Tesla in 2023 showcase just how dynamic pricing can be with a direct-to-consumer sales model.”
Subscribe to GM Authority for more Chevy news, GM business news, GM sales news, and around-the-clock GM news coverage.
No Comments yet