From Q4 2022 to Q3 2023, the average transaction price of the Chevy Suburban rose somewhere in the range of five to 10 percent per fiscal quarter. Now, the average transaction price of the Bow Tie brand’s long-running full-size SUV increased by just under 5 percent during Q4 2023.
According to a report from Cox Automotive, the Chevy Suburban saw a 4.8-percent average transaction price rise to $76,275, making it the second-most expensive Chevy product behind the C8 Corvette. Meanwhile, sales of the full-size SUV fell almost 37 percent to 10,144 units in Q4 2023.
It’s worth noting that sales of the Bow Tie brand fell 0.5 percent to 406,848 units in Q4 2023, while overall General Motors sales increased a scant 0.2 percent to 619,684 units.
In regard to what may be the root cause behind this consistent rise in average transaction prices, the Suburban has featured a number of price increases over the past few years, which serves to drive ATPs upwards.
As a reminder, the Chevy Suburban is presently offered with three engine options, including the naturally aspirated 5.3L V8 L84 gasoline engine, rated at 355 horsepower and 383 pound-feet of torque, the naturally aspirated 6.2L V8 L87 gasoline engine, rated at 420 horsepower and 460 pound-feet of torque, and the 3.0L I6 LM2 turbodiesel Duramax engine, rated at 277 horsepower and 460 pound-feet of torque.
The GM 10-speed automatic transmission is standard fare throughout the lineup, while both 2WD and 4WD are available.
Under the skin, the Suburban rides on the GM T1 platform, which it shares with the Chevy Tahoe, GMC Yukon, GMC Yukon XL, Cadillac Escalade, and Cadillac Escalade ESV. Production of the 2024 model year officially commenced in November 2023 at the GM Arlington plant in Texas.
Moving ahead, the Suburban will receive a mid-cycle refresh for the 2025 model year, and will be highlighted by an updated exterior, overhauled interior, and revised powertrain.