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Chevy Average Transaction Price Stable In November 2023

The average transaction price or ATP for new Chevy vehicles sold in November 2023 remained basically stable and unchanged year-over-year, rising just 0.2 percent compared to November 2022 to a current average of $48,012.

According to data published by Kelley Blue Book and Cox Automotive in their U.S. new-vehicle prices study, Chevy ATP fell by 2.1 percent relative to the revised $49,062 average in October 2023.

Front three quarters view of the Chevy Corvette.

Chevy new vehicle prices gained 1.5 percent in October 2023 compared to the previous year, while last November‘s average price was 5.2 percent lower than ATP in November 2021. However, the Bow Tie’s largely unchanged prices still beat the overall auto market, which saw average transactions shrink in November for the third month in sequence according to the study. GM ATP rose 0.8 percent.

Turning to the backdrop, industry-wide ATP fell 1.5 percent in November 2023, while rising at a very modest less than 1 percent month-over-month. Most of the decline came in luxury vehicle ATPs, which fell 7.5 percent since 2022 while continuing to make up more than 20 percent of the market overall. Non-luxury brands, the same sector Chevy operates in, were also stable, decreasing a mere 0.3 percent, meaning the Bow Tie is in sync with overall market trends.

Side view of the 2024 Chevy Silverado.

ATP losses did not stem from cuts in MSRPs, however, which rose 1 percent and, KBB pointed out, have not been reduced year-over-year at any point during the past decade. Instead, “incentives are turned up to help stimulate sales” as “dealers are seeing profits contract as inventory levels return to normal,” according to Cox research manager Rebecca Rydzewski.

In short, incentives are causing the current ATP declines, with incentives on new vehicles soaring 136 percent in November 2023 compared to the year-ago figures. The average incentive package came to 2.2 percent of transaction price in 2022 and has now increased to 5.2 percent.

Rear three quarters view of the Chevy Suburban.

Pickups, minivans, and SUVs had the lowest incentives in November, while luxury cars and EVs registered the highest.

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