Chevy Average Transaction Price Drops Almost 5 Percent In August 2024

As of August 2023, the average transaction price of a new Chevy vehicle stood at $48,527 per product. With that in mind, Bow Tie brand ATPs declined nearly five percent on a year-over-year basis.

According to a report from Cox Automotive and Kelley Blue Book, the ATP for a new Chevy vehicle decreased 4.6 percent from August 2023 to $46,283 in August 2024. In the same vein, Bow Tie average transaction prices dropped 2.3 percent from $47,395 in July 2024 levels.

This decline in Chevy ATP figures is reflected by a year-over-year fall 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 $50,950 in August 2024. This represents a 2.9-percent decrease as compared to the August 2023 figures, where GM’s ATP stood at $52,473 per vehicle. On a month-over-month comparison, General Motors’ average transaction prices posted a 1.7-percent drop from $51,818 in July 2024.

Overall, the automotive industry recorded a 1.7-percent decrease in ATPs year-over-year from $48,569 in August 2023 to $47,870 in August 2024. Meanwhile, ATPs posted a 0.6-percent month-over-month decline, as vehicles were selling for an average of $48,166 in July 2024.

“In our latest dealer survey, the message about price pressure was very clear,” Cox Automotive Executive Analyst Erin Keating noted in a prepared statement. “Dealers are telling us the sales environment is humming along at a muted pace and there is growing pressure to lower prices, just as the overall cost index hit a new record high.”

“In the face of a sluggish sales pace – 15.1 million in August – more dealers are pulling the only lever they have: higher incentives,” Keating continued. “This shift to a buyers’ market is good news for consumers, but certainly impacts dealer profitability. Automakers are coming to the table with more incentives, but credit remains tight, putting more pressure on dealers to get creative with additional discounts and financing, affecting the bottom line.”

It’s worth noting that the report identified two factors that contributed to these changes in August 2024 ATP figures, including:

• Higher incentives
• Growing EV incentives as prices hold steady