Chevy Average Transaction Price Drops 1.3 Percent In February 2024

Way back in February 2023, new Chevy products boasted an average transaction price (ATP) of $47,331 per vehicle. Now, ATP figures for the Bow Tie brand have decreased year-over-year.

According to a report from Cox Automotive and Kelley Blue Book (KBB), the ATP for a Chevy product dropped 1.3 percent from February 2023 to $46,709 in February 2024. In contrast, the average transaction price rose a mild 1.4 percent month-over-month from $46,050 per vehicle in January 2024.

This decline in Chevy ATP figures is reflected by a year-over-year decline in transaction prices for parent company General Motors. When including all four of GM’s U.S.-market brands in the calculations – Chevy, Buick, Cadillac, and GMC – the ATP for a new GM vehicle was $51,151 in February 2024. This represents a 0.1-percent decrease compared to the February 2023 figures, where GM’s ATP number stood at $51,215 per vehicle. On a month-over-month comparison, General Motors’ average transaction prices rose 0.9 percent from $50,722 in January 2024, slightly underperforming the Bow Tie brand.

Overall, the automotive industry recorded a 2.2-percent decline in ATP figures year-over-year from $48,316 in February 2023 to $47,244 in February 2024. ATPs fell 0.1 percent month-over-month, with vehicles selling for an average of $47,279 in January 2024.

“While everyone may applaud that prices are coming down, even marginally for the moment, affordability is still challenging the market,” Cox Automotive Executive Analyst Erin Keating stated. “Most shoppers have not seen their incomes increase as quickly as vehicle prices, so affording a new vehicle remains difficult. We should also note that despite rising inventory, which is good for consumers, the levels are muted, not alarming.”

The report identified three factors that contributed to these changes in February 2024 ATP figures, including:

• Higher incentives that worked to keep new vehicle prices in check
• Affordable models continue to fade
• EV prices continue to decline despite a rise in Tesla prices

“Our research continues to show that price remains a significant barrier for consumer adoption,” Cox Automotive Director of Industry Insights Stephanie Valdez Streaty claimed in a prepared statement. “While the higher inventory levels and increased competition continue to drive down the price premium of EVs, it’s important to acknowledge that EVs remain priced above mainstream non-luxury vehicles by nearly 19 percent.”

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