Making its debut for the 2023 model year, the third generation of the Chevy Colorado was highlighted by a number of notable upgrades that catapulted the midsize pickup truck back to the top of its segment. With that in mind, the average transaction price (ATP) of the Chevy Colorado increased sharply over the course of Q4 2023.
According to a report from Cox Automotive, the Chevy Colorado boasted a 13.8 percent jump in ATP figures to $42,773. Interesting, this appears to have been a trend for the Bow Tie brand’s midsizer during the 2023 calendar year, as ATP figures in Q2 2023 and Q3 2023 jumped seven and nine percent, respectively, to $41,621 and $42,239.
As for the reasoning behind these rises in ATP figures, it’s likely due to a number of reasons. Firstly, although the Extended Cab represented a small percentage of overall sales of the prior-gen Colorado, it was more affordable overall. In the same vein, the Colorado received price increases across the board, with the 2023 Colorado Desert Boss variant topping the range at $57,590.
Additionally, accessories could be another culprit for rising ATPs, as record sales took place over the course of the 2023 calendar year.
It’s worth noting that sales of the Bow Tie brand fell 0.5 percent to 406,848 in Q4 2023, while overall General Motors sales stood at a 0.2 percent gain to 619,684 units.
As a reminder, the current 2024 Colorado is offered with the choice of two engine options, including the turbocharged 2.7L I4 L2R engine rated at 237 horsepower and 260 pound-feet of torque, and the TurboMax turbocharged 2.7L I4 L3B gasoline engine, rated at 310 horsepower and 430 pound-feet of torque.
Regardless of powerplant choice, all Colorado units are equipped with the second-gen GM eight-speed automatic transmission.
In regard to structure, the third-gen Colorado rides on an updated variant of the GMT 31XX platform – which it shares with the GMC Canyon – while production takes place at the GM Wentzville plant in Missouri.
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Comments
Aside from the price increases, there are likely more sales for the higher trims and off road models, ZR2, Z71 and Trail Boss as compared to the prior generation trucks , these would certainly dive up the average transaction price.
Without comparing apples to apples, the headline in this article is meaningless and will just drive negativity to the price and value of the Chevy Colorado.
The price has certainly increased from the 22 model , but the model lineup is significantly different so the ATP increase may be more impacted by the new trim variants.
Without a Maverick-level competitor, GM had better hope that the economy holds because these prices won’t cut it at all if it turns downward.
I agree GM needs a product for the compact truck market . It should be rear drive and like the old S-10.
The current Colorado is more midsized, and competes with the Ranger Tacoma etc.
They have to find a way to build a small truck in NA , sell for $25 k and be profitable .
The original S-10 was a great truck, i has 3 of them , an 82, an 84 4WD and an 84 4WD. all were standard shifts , 4 and 5 speeds.
The 4WD were shift on the fly with the 2.8 v6. These were great trucks , could haul what i needed , fun to drive, very good fuel economy, comfortable and very reliable.
we need one of these back on the market, and make a hybrid version with 4WD/AWD.
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So you want a unique platform (rwd/body on frame) truck with capabilities and hybrid for 25k and be profitable? The Maverick is 25k base and it shares a platform with the Escape, that is wishful thinking in this day and age. Maybe 30k is more reasonable but that is where the Colorado starts. So if it is smaller than a Colorado it will be unibody which is plenty capable for that class of truck.
i totally agree that GM needs a compact truck, my previous 1992 S-10 and even my 2011 GMC canyon were awesome trucks…both extended cabs with a full bed and without that high “rake” that lifts up the rear like i have now on my 2022 GMC canyon.. which by the way has very little floor room in the extended cab section again unlike my previous trucks. GM just seems to refuse to make a truck for the USA consumer and instead goes all out just for profits. What a shame ! I remember when EVERY manufacture just about had a small useable truck that didn’t cost a fortune .,,,,
Key word is profits. GM is a business, if it doesn’t make sense they won’t do it. Earning a few brownie points for a small market building something at a loss does nothing for them as a company unless it is some high end special vehicle that can bring in foot traffic another way such as a super car. If certain margins aren’t met they drive down the entire companies numbers and that is not good from any standpoint. Would it be nice, sure, but if they do it won’t be exactly what some of you are asking for (and body on frame S-10 replacement), instead it will be a unibody vehicle with solid capabilities that has a better chance to sell.
Ford just had its top year of 90k units on a shared vehicle platform in a smaller market. If the market allows 150k in sales a year, adding a GM product won’t magically be another 100k in sales, instead GM might get 75k in sales and the Maverick might drop down too, it is all a business with balancing sales and costs.
Time for a new ElCamino, made in Mexico, maybe based on a Blazer ?
Bs inflation to pay for the ev mess that Biden and puppet Mary inflict on the US consumers.