Chevy Average Transaction Price Stable In July 2024
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Back in July 2023, the average transaction price (ATP) of a new Chevy product stood at $47,587 per vehicle. With that in mind, the Bow Tie brand’s ATP figures remained quite stable year-over-year.
According to a report from Cox Automotive and Kelley Blue Book, the ATP for a new Chevy vehicle decreased 0.1 percent from July 2023 to $47,633 in July 2024. Meanwhile, Bow Tie average transaction prices climbed 1.2 percent from $47,076 in June 2024 levels.
This stable Chevy ATP figure is reflected by a fairly steady year-over-year change 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 $52,009 in July 2024. This represents a 0.3-percent increase as compared to the July 2023 figures, where GM’s ATP stood at $51,847 per vehicle. On a month-over-month comparison, General Motors’ average transaction prices posted a 1.4-percent jump from $51,299 in June 2024.
Overall, the automotive industry recorded a 0.2-percent decline in ATPs year-over-year from $48,507 in July 2023 to $48,401 in July 2024. Meanwhile, ATPs posted a zero-percent month-over-month change, as vehicles were selling for an average of $48,424 in June 2024.
“The thing about the U.S. is its diversity, and that goes for the U.S. auto market as well,” Cox Automotive Executive Analyst Erin Keating noted in a prepared statement. “There are many expensive, high-profile vehicles out there, but consumers have many good options priced well below the industry average. We hear this from the large dealers all the time: No matter the budget, chances are we can make something work. This is particularly true where inventory is higher, and incentives are following.”
“Not every brand is seeing sky-high days’ supply, but, in most cases, where there is excess, incentives are climbing,” Keating continued. “The higher incentives are helping consumers, but stubbornly high interest rates and tighter credit conditions continue to make affordability challenging. If we are going to see the market live up to its potential, we will need to see rates lower and credit loosen.”
It’s worth noting that the report identified two factors that contributed to these changes in July 2024 ATP figures, including:
- Growing incentives
- Higher EV incentives as prices hold steady
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Disgusting. With the exception of insurance, everything else, including real estate is starting to see price drops but not new vehicles. I have to wonder who all these lobotomy-needing people are that continue to buy at these absurd prices.