Against a backdrop of falling new vehicle prices, the Chevy brand’s average transaction price (ATP) for new vehicle sales remained stable for March 2024, falling 0.57 percent year over year while rising even more marginally by 0.32 percent, month over month.
The latest data provided by Cox Automotive and Kelley Blue Book shows Chevy’s new vehicle ATP at $47,597 for the month, which is extremely close to both the February 2024 and March 2023 figures.
For GM as a whole, with the Bow Tie brand’s prices averaged out with those of Buick, Cadillac, and GMC, new vehicle transaction prices in March were $51,591. This represents a 0.39 percent decrease month over month and a 0.73 percent increase year over year—in both cases, less than one percent—showing that The General’s overall prices are also stable.
This stability contrasts with the general situation in the U.S. auto market. March 2024 new vehicle ATP of $47,218 went down 0.95 percent from February prices and dropped 2.71 percent from March 2023. The study also notes that the current price is 5.4 percent lower than in December 2022, when average new vehicle transactions reached their high point.
Prices are on a downward trend as production and inventory levels become healthier than they have been since the pandemic. A 52 percent year-over-year surge in inventory sees dealerships with 2.74 million new vehicles on their lots as of the end of March and the start of April. Sales are expected to match those of 2019 in 2024, matching pre-COVID figures for the first time since that date.
A Cox executive analyst, Erin Keating, notes that “consumers enjoy lower prices thanks to significant supply recovery and a doubling of incentive spend compared to last March.” However, she also sounded a note of caution. She remarked that “historically high interest rates and associated inflation” are combining with a lack of affordable vehicles as automakers concentrate on expensive models “to challenge affordability for most car buyers.”
Average incentives were around 6.6 percent of ATP for the month, slightly higher for luxury vehicles and slightly lower for mass-market vehicles like those produced by Chevy.
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Comment
Least expensive GM car (in USA) is the 2024 Chevrolet Trax at $21,495. Yes, there are a handful of vehicles (seven of them, Nissan Versa, Kia Rio, etc) currently on sale that are less money to buy upfront, but the Trax has them beat handily in quality, design and execution. It is about 95% the same exact driving experience (stable steady cruising, smooth confident brake pedal feel, tight direct steering through the sweepers) of a $70,000 c8 Chevrolet Corvette (drive them back to back down a good road, I dare you), minus 5 or more cylinders and $50,000 or more, but plus 3 more seatbelts. I think they even both use the same infotainment system screen and window switches! Yes, the Corvette is faster, especially in track driving scenarios, which costs a premium. Thank you General Motors and Mary Barra for demonstrating that when an average car in today’s market sells for $47,218 you can buy two new Chevrolet Trax and still be ahead of the game!!!