Average transaction price, or ATP, is up somewhat for new Chevy vehicles in November 2024 according to the latest information from Cox Automotive and Kelley Blue Book – with ATP rising 1.6 percent year-over-year to $48,902.
Prices for new Chevy vehicles also rose month-over-month by 3.1 percent from the $47,416 ATP registered in October 2024, tracking in the same direction as the automotive market as a whole.
Chevy ATP fell in October 2024, with uncertainty about the upcoming election cited as one of the reasons for abrupt changes in pricing across the market. Chevrolet prices dropped about 4 percent compared to October 2023, just as vehicle sellers started a push of rising incentives to make their final sales for the year.
Now, the political situation seems to be buoying sales even as prices rebound upward. Erin Keating, an executive analyst at Cox, said that “following the national election, pent-up demand and some improvements in consumer confidence seem to be driving the market.”
Keating also remarked that “higher prices were met with higher discounts in November, which has kept the retail business moving,” with sales reaching 1.36 million vehicles in November. Meanwhile, the other part of the equation – incentives – grew for the fifth consecutive month to 8 percent of ATP.
Full-size pickups, such as the popular Chevy Silverado, had above-average incentives overall at 8.7 percent. The biggest incentives were offered on EVs at 14.9 percent, though this includes the up to $7,500 tax credit offered on zero-emission vehicles. ATP for the whole U.S. auto market climbed 1.5 percent year-over-year to $48,724, making Chevrolet an almost perfect reflection of the whole-market average.
GM as a whole saw average transaction price rise by 1 percent year-over-year and 2.6 percent month-over-month. Analyst Erin Keating said rising ATP in the market is in part due to the fact that “luxury sales pick up as the year winds down” and concluded that “if sales volumes in November are any indication, we think 2024 will end on a positive note for the auto business.”
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