The average transaction price (ATP) for new Chevy vehicles remained basically stable while prices across the U.S. auto market as a whole climbed in December 2024 according to the latest research and statistics.
Chevy ATP of $49,120 was up just 0.5 percent month over month and down 0.1 percent year-over-year, an insignificant change of just $44 compared to December 2023, data from Kelley Blue Book and Cox Automotive shows.
Chevy average transaction prices were relatively stable in November 2024 as well, while a year previously in December 2023, ATP fell by a modest 1 percent year-over-year. Of the other core brands in GM’s lineup, only GMC was relatively stable in December, while Cadillac prices skyrocketed and Buick ATP plunged compared to 2023.
The U.S. market as a whole saw the ATP rise 1.3 percent year-over-year and 1.5 percent month-over-month. The increase was the fourth monthly rise in a row according to the study. Additionally, the new-vehicle ATP overall is close to its all-time peak, which occurred in December 2022.
Annual year-end purchases of luxury vehicles helped to bolster the results in the market as a whole, and indicate why Chevy – a mass-market brand – may not have shared in the ongoing year-end windfall as significantly as Cadillac. Erin Keating, an executive analyst at Cox, said a wave of upbeat sentiment seems to be sending prices higher.
Keating remarked that luxury models “are typically an emotional purchase, and when consumers are optimistic, they go shopping.” She added that “after the election, consumer sentiment and confidence have been on the rise.” Discounts and incentives rose while financing rates declined somewhat, helping the sales momentum continue.
Incentive remained stable at roughly 8 percent of ATP and were higher for various luxury car segments. In all, 5.6 percent of all December new vehicle purchases were of models costing $80,000 or more, versus the usual rate of 4.4 percent high-end purchases.
Interestingly, full-size pickup trucks – Chevy’s bread and butter with the Chevy Silverado pickup – saw ATP drop 1.4 percent year-over-year despite strong sales, perhaps helping to explain why the year-end ATP surge didn’t move the needle on the Bow Tie’s prices.
For most of the U.S. auto industry, however, in the words of Erin Keating, “it was a December to remember, in terms of both sales volumes and prices.”
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