Inventory at Chevy dealerships increased in October 2024 according to Cox Automotive research, reaching 88 days supply compared to 80 days supply back in August.
The stock of Chevy vehicles remains somewhat above the industry average of 85 days supply, and significantly higher than the 60 days supply that is usually considered the optimal level for vehicle inventory by most of the players in the U.S. auto sector.
Among the individual models making up the Chevrolet brand, the nameplates with the lowest inventory as of the end of October 2024 are three crossovers – including the highly popular Chevy Trax, the Trailblazer, and the Traverse – along with the Chevy Express full-size van, and the Chevrolet Malibu. Meanwhile, those vehicles with the highest inventory include a single ICE model, the Chevrolet Equinox, along with the Blazer EV, the Equinox EV and the Silverado EV.
The Bow Tie’s leading pickup model, the Silverado 1500, has inventory levels somewhere between the extremes. However, now may be a good time to buy a new Silverado for interested parties, with interest-free financing, up to $7,350 in discounts, and other incentives currently being offered on some configurations.
Inventory continued to pile up at dealerships across the auto industry as a whole in October, climbing above 3 million new vehicles on dealer lots for the month. This represents a 29-percent upward leap in the number of units compared to October 2023, while days supply grew 14 percent as sales increased at a slower pace.
The pressures of sharply rising supply and modest sales increases have led many automakers to increase their incentives, with incentives amounting to 4.7 percent of average transaction price (ATP) a year ago and 7.7 percent in October 2024. Cox notes that “holiday bells are already ringing with seasonal discounts” as the dealerships aim to lessen the backlog of unsold vehicles and “purge older metal.”
Average prices continue to stay north of $47,000, according to the figures, and even trended upward somewhat in October despite soaring inventory. Prices overall are expected to stay high at least partway into the coming year.
Comments
This is confounding because the Equinox was in a sell-down phase of the ’24s and the ’25s are coming but not up to normal levels yet (and the early builds have WEIRD option combos). So those Equinox numbers make little to no sense.
And, on a slightly different note, I know for a fact that GMC dealers aren’t happy the ’25 Terrains are barely being built. Some are on lots now, but does GM not think it important to release pricing? They must have stickers on them. Oh, they’re off doing another line and forgot. Really now.
I checked cars.com nationwide for 2025 Terrains. They are out there. Some dealers are showing window stickers. I’ve seen a few Elevations over $40K
GMC.com shows nothing on their site for the 2025 Terrain.
I guess if you don’t want an EV, GM isn’t interested in your money.
Seems like this is true for Blazers as well. On 10/14/2024 I ordered a gas Blazer. As of 12/3 my order is still ‘stuck’ in 1100 status. Received – but not yet accepted. The dealer and the hot line can’t (or will not) tell me anything of when it will be built. Sad for GM I guess, I have the cash to pay for it, and am replacing an older GMC Terrain. I ordered a GAS Blazer, not a EV. Once the dealer get it, it will be gone off lot.
I have been looking for several months. 2024 gas Equinoxes are pretty much sold out with at least 3 EV versions on all my Chevy dealer lots. There are loads of 2025 ICE Noxes with up to 20 at some dealers but those are slowly starting to sell. Zero sign of any 2025 Terrains but each dealer still has many unsold 2024 models collecting dust even with nearly 4K off sticker. Interesting how the 24 Noxes are basically sold out but Terrains sit languishing even with discounts and low finance offers.